Global Alternatives Survey 2013

Transcription

1 Global Alternatives Survey 2013 Including the top 100 alternative investment managers Including the top alternative asset manager rankings July Towers Watson. All rights reserved.

2 Survey statistics 578 entries are included in the survey. The majority of the data (533 entries) comes directly from investment managers with the remainder coming from publicly available sources. This includes the Billion Dollar Club list, published by Hedge Fund Intelligence. Manager Type Investor Type FoHF Direct Hedge Funds* Private Equity FoF Direct Private Equity Funds* USD billion Direct Real Estate Funds Direct Commodities Funds Direct Infrastructure Funds Total Top 100 total assets , ,108.4 Top 100 Pension Fund assets Top 25 Insurance Company assets Top 25 Sovereign Wealth Fund assets Top 25 Endowment & Foundation assets Top 25 Fund of Funds assets Top 25 Wealth Manager assets , Top 25 Bank assets * Figures for some of these managers were obtained from publicly available sources and using data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence 2

3 Sections Section I Asset Class Trends Hedge Funds Private Equity Real Estate Infrastructure Commodities Section II Top 100 alternative asset managers by AuM The top 100 alternative asset managers globally by total assets under management (AuM) 3

4 Sections Section III Analysis of top alternative asset managers by investor type Top 100 alternative asset managers by Pension Fund assets Top 25 alternative asset managers by Insurance Company assets Top 25 alternative asset managers by Sovereign Wealth Fund assets Top 25 alternative asset managers by Endowment & Foundation assets Top 25 alternative asset managers by Fund of Funds assets Top 25 alternative asset managers by Wealth Manager assets Top 25 alternative asset managers by Bank assets Section IV Total universe Analysis of all asset managers Complete ranking of all asset managers 4

5 Section 1 Asset Class Trends

6 Asset Class Trends Hedge Funds - Key Trends The evolving hedge fund landscape The FoHF industry continues to adjust to the new normal, with FoHFs increasingly working with investors in some form of customised or bespoke manner. Continuing downward pressure on the FoHF fees has resulted in meaningful reduction of the average manager fee rates, although the total fee burden for institutional investors remains significant. Institutional investors continue to become more discerning about what they want from their hedge fund allocation, which is low correlation to traditional markets, greater transparency, appropriate liquidity, alignment and appropriate fees. Hedge fund managers are increasingly accommodative of institutional investors requirements, such that there is much less of a take it or leave it attitude in dialogue with investors. Future outlook In our view, there are only a small number of FoHFs that offer a credible capability so we expect consolidation in the sector to continue. This could take the form of these firms seeking partnerships or ceding ownership to a larger parent organisation that can offer broader alternative investment and global distribution capabilities. We expect continued downward pressure on fees with investors taking advantage of their improved bargaining position, strengthened in part by being long-term investors in the asset class. While the larger managers across all hedge fund strategies are generally perceived to be safer from a business risk perspective, investors are also increasingly allocating in an informed manner to more modestly sized managers that have a proven record of alpha generation. Managed accounts continue to be a topic of discussion but in most cases the establishment of a specific share class in an existing commingled fund offers an attractive method of allocation, in particular as the managers tend to have the bulk of their net worth invested in the same vehicle. Investors continue to view the hedge fund portfolio as a de-correlating and diversifying allocation and we can expect strategies that offer very low correlation characteristics, as well as beta, to have prominence. More prominent regulatory scrutiny is likely to continue in the foreseeable future. 6

7 Asset Class Trends Private Equity - Key Trends The evolving private equity landscape Funds of funds continue to grapple with the evolving landscape in which the appetite for traditional commingled fund of funds solutions is diminishing further. These managers are now focused on separate accounts and co-investments, increasing the complexity of their business. Only a few fund of funds organisations with significant scale have the ability to adapt to the evolving business model so we continue to see consolidation in the industry. Fundraising in private equity remains a challenge. The market has become increasingly bifurcated with those managers boasting exceptional short- and long-term track records raising capital successfully while others struggle. This is exacerbated by investors appetite to reduce the number of relationships they maintain. Large sophisticated investors with significant capital and governance budget to deploy in private equity are increasingly co-investing alongside their favoured managers. Investors are focusing more on managing their illiquid investments holistically, meaning many private equity managers are competing for capital with other illiquid strategies such as private debt, infrastructure and real estate. Future outlook We expect continued downward pressure on fees with investors taking advantage of their improved bargaining position. One mechanism to achieve this goal will be more strategic partnerships whereby large investors provide meaningful capital commitments across a manager s pool of products in return for some form of cost reduction. We also expect the secondary market to mature and grow in prominence, increasing the liquidity of the asset class. In 3-5 years, we expect these trends to change the nature of the manager / investor relationship with increased implementation options providing more flexibility for sophisticated investors. Primary fund investing will become just one tool that large sophisticated investors use to get their private equity exposure. This will be supplemented with increased co-investing, secondary activity and strategic partnerships for investors with the scale and governance to successfully execute such strategies. 7

8 Asset Class Trends Real Estate - Key Trends The evolving real estate landscape Markets are increasingly polarised between prime and secondary locations. In the former investor interest is high, rental growth is strong and yields are low; in the latter tenant demand is low and yields are high. This pattern holds for many regions around the world with the yield spread between prime and secondary markets being at multi-year highs. In the seemingly improving US economy, there are early signs that investors are moving into secondary locations in search for additional yield. Fundraising in real estate remains a challenge. The market has become bifurcated where managers with good track records are raising capital successfully whilst others are struggling. We have seen a few managers withdrawing from the real estate sector in recent years or altering their product offering. Fees have been declining since the global financial crisis, particularly in Europe where fundraising has been most difficult, and several highly regarded managers have introduced hard hurdles as opposed to preferred return (with catch-up) performance fee structures. Funds of funds and multi-managers continue to grapple with reduced investor demand and problem legacy funds. These managers are increasingly focused on co-investments and joint ventures to reduce costs and increase control. As bond yields have fallen in recent years, investor appetite for real estate has been increasing. In particular there has been growing interest in secure income real estate strategies, such as long lease property and senior real estate debt. Investors are attracted to stable income streams, asset backing and yield spreads over investment grade credit. Future outlook We expect to see continued downward pressure on fees and more thoughtful fee structures for different real estate strategies. We also expect increased investor interest in 1) co-investments and joint ventures, 2) non-domestic real estate allocations and non-traditional sectors (eg, student housing, data centres), 3) secure income real estate (especially if government bond yields remain low), 4) more granular consideration of real estate strategies between secure income, traditional core and leveraged real estate strategies; and 5) sustainability ingrained property strategies. 8

9 Asset Class Trends Infrastructure - Key Trends The evolving infrastructure landscape Since the early 2000s, private infrastructure investing has gathered significant interests from institutional investors. This is reflected in the large size of some infrastructure fund management organisations included in this survey. During the last twelve months the largest institutional investors globally have been considering alternative methods for accessing this asset class. A growing trend is for the largest investors in Canada, Asia and Australia to access deals either directly or by co-investing with investment managers. Future outlook Institutional investors appetite for infrastructure assets and their core characteristics (stable yield and inflation-linkage to name a few) continues to be strong and this should drive up total assets under management in infrastructure. One of the trends seen during 2012 and into 2013 has been the winner funds dominating, creating virtuous cycles of successful and rapid capital raisings, while other funds have struggled to raise any capital. We would expect to see those funds that can demonstrate a comparative advantage continuing to be attractive investments, with consolidation elsewhere in the industry. There has been significant discussion about the role that institutional investors may play in funding governmentsupported infrastructure projects globally. In economies where government budgets are heavily constrained, it is vital that those governments provide sufficient incentives for private capital to help address funding gaps. Renewed thinking about regulatory frameworks and risk transfer between the public and private sectors will significantly impact the amount of capital that ultimately gets invested in infrastructure assets around the world. 9

10 Asset Class Trends Commodities - Key Trends The evolving commodity landscape Underinvestment in natural resources and economic growth in China have supported a long-term upward trend in some commodity prices since the 1990s. Throughout the global financial crisis this trend has persisted with the quantitative easing programmes within the US and Europe helping to perpetuate it. However, more recent trends are less positive; there have been large price falls in some markets, including gold, and the high correlation with equities has raised concerns about the role of commodities in a diversified portfolio. Future outlook Investor sentiment towards commodities has declined more recently and investment in commodities has been sluggish. It could be some time until we see any significant increases. However, it is becoming clear that opportunities are starting to emerge as correlations decline. In terms of accessing commodities, the more dynamic approaches offered in hedge fund structures are gaining popularity, although there continues to be interest in passive beta-focused approaches. The more traditional beta and enhanced strategies are known to be structurally challenged, and investors are now looking for smarter ways to access them through smart beta products. 10

11 Section 2 Towers Watson / Financial Times Top 100 Alternative Asset Managers by Total AuM How to read this section This section shows the top 100 managers ranked by total AuM. Each manager is counted separately in each individual asset class, so they may appear multiple times if their AuM are large in more than one asset class. These top 100 are analysed in relation to the regions they invest in and in relation to assets managed by investor type.

12 Top 100 Alternative Asset Managers Executive summary Top 100 Alternative Asset Managers The top 100 alternative asset managers, ranked by total AuM, managed USD 3,108.4 bn on behalf of their investors in The largest block of alternative assets is managed in Direct Real Estate Funds followed by Direct Private Equity Funds, Direct Hedge Funds, Private Equity Fund of Funds, Funds of Hedge Funds, Direct Infrastructure Funds and Direct Commodities Funds. Pension Funds are the largest investor in alternative assets (over 36%), among the top 100 alternative asset managers, followed by Wealth Managers*, Insurance Companies, Sovereign Wealth Funds, Banks, Fund of Funds and Endowments and Foundations. In terms of where the assets are invested, North America accounts for the largest amount of alternative assets, followed by Europe and Asia Pacific. This is the first year we are including a breakdown by Wealth Managers, Fund of Funds and Banks in our analysis. * Wealth managers are defined as: high net worth individuals, family offices, asset managers, corporate investors, government agencies, private companies and investment companies. 12

13 Top 100 Alternative Asset Managers Top 100 Alternative Asset Managers 6% 20% 10% 23% 34% 4% 4% Funds of Hedge Funds Direct Hedge Funds Private Equity FoF Direct Private Equity Funds Direct Real Estate Funds Direct Commodities Funds Direct Infrastructure Funds Asset class Total assets Average Smallest Largest USD million Number of funds Funds of Hedge Funds 176, , , , Direct Hedge Funds 612, , , , Private Equity FoF 315, , , , Direct Private Equity Funds 716, , , , Direct Real Estate Funds 1,042, , , , Direct Commodities Funds 118, , , , Direct Infrastructure Funds 127, , , , Total 3,108, , , , * Proportions might not sum up to 100% due to rounding 13

14 Top 100 Alternative Asset Managers Distribution by Investor Type 36% 9% 6% 2% 3% 19% 5% 19% Pension Fund Insurance Company Sovereign Wealth Fund Endowment and Foundation Fund of Funds Wealth Manager Bank Other Asset class Total assets Average Smallest Largest Number of funds USD million Pension Fund 1,130, , , Insurance Company 277, , , Sovereign Wealth Fund 185, , , Endowment and Foundation 76, , , Fund of Funds 108, , , Wealth Manager 579, , , Bank 144, , , * The category Other has been included for assets that could not be allocated into the survey s categories, it has not been analysed in detail. ** Proportions might not sum up to 100% due to rounding 14

15 Top 100 Alternative Asset Managers Distribution by Region and Asset Class Asset managers were requested to state where their assets are invested. Funds of Hedge Funds 30% 41% 18% 11% Direct Hedge Funds 28% 32% 10% 31% Private Equity FoF 30% 60% 8% 3% Direct Private Equity Funds 31% 57% 10% 2% Direct Real Estate Funds 41% 45% 8% 6% Direct Infrastructure Funds 56% 28% 14% 2% Total 37% 46% 10% 7% Europe North America Asia Pacific Other * Direct Commodities Fund managers did not present a regional breakdown ** Some proportions might not sum up to100% due to rounding 15

16 Top 100 Alternative Asset Managers Comparison Total assets for the top 100 alternative asset managers decreased marginally from USD 3,136.5 bn in 2011 to USD 3,108.4 bn in 2012 (under 1%). An analysis of the assets of those managers that also appeared in this ranking in 2011 (86 managers) showed an increase of around 1%. The split by asset class is largely similar to last year with a small gain for Private Equity FoF, Direct Private Equity and Direct Commodities at the expense of Direct Hedge Funds and Direct Real Estate % 21% 9% 22% 35% 3% 4% % 20% 10% 23% 34% 4% 4% Funds of Hedge Funds Direct Hedge Funds Private Equity FoF Direct Private Equity Funds Direct Real Estate Funds Direct Commodities Funds Direct Infrastructure Funds 16

17 Top 100 Alternative Asset Managers Comparison Funds of Hedge Funds Funds of Hedge Fund assets account for 6% of all assets managed by the top 100 managers. Assets of those managers that also appeared in the 2011 top 100 ranking increased by 6%. Direct Hedge Funds Assets of those managers that also appeared in the 2011 top 100 ranking increased by over 4%. There are 25 Direct Hedge Fund managers in the top 100 ranking. Private Equity FoF Direct Private Equity Funds Direct Real Estate Funds Assets of those managers that also appeared in the 2011 top 100 ranking increased by nearly 4%. 60% of these assets are invested in North America, with 30% being invested in Europe. Assets of those managers that also appeared in the 2011 top 100 ranking increased by 3%. 88% of assets are invested in North America and Europe. Assets of those managers that also appeared in the 2011 top 100 ranking declined by over 4%; the only asset class which had such a decline, measured on this basis. Direct Real Estate remains the largest asset class having over one third of all assets managed by the top 100 asset managers. Direct Commodities Funds Assets for the two managers that also both appeared in the 2011 top 100 ranking increased by a modest 1%. Direct Infrastructure Funds Assets for the one manager that also appeared in the 2011 top 100 ranking increased by 7%. 17

18 Top 100 Alternative Asset Managers Top 100 ranking ranked by Total AuM * Figures obtained from publicly available sources and data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 1 Macquarie Group Australia 94, Direct Infrastructure Funds 2 Bridgewater Associates United States 84, Direct Hedge Funds 3 CBRE Global Investors United States 80, Direct Real Estate Funds 4 BlackRock United Kingdom 74, Direct Commodities Funds 5 Goldman Sachs & Co United States 68, Direct Private Equity Funds 6 AXA Real Estate France 65, Direct Real Estate Funds 7 Brookfield Asset Management Canada 65, Direct Real Estate Funds 8 UBS Global Asset Management United Kingdom 65, Direct Real Estate Funds 9 Blackstone Capital Parters United States 57, Direct Private Equity Funds 10 TPG Capital United States 54, Direct Private Equity Funds 11 The Carlyle Group* United States 53, Direct Private Equity Funds 12 Blackstone Real Estate Partners United States 50, Direct Real Estate Funds 13 Deutsche Asset & Wealth Management United States 48, Direct Real Estate Funds 14 LaSalle Investment Management United States 47, Direct Real Estate Funds 15 Kohlberg Kravis Roberts United States 45, Direct Private Equity Funds 16 Blackstone Alternative Asset Management United States 44, Funds of Hedge Funds 17 AlpInvest Partners The Netherlands 44, Private Equity FoF 18 Credit Suisse Asset Management United States 41, Direct Real Estate Funds 19 Morgan Stanley United States 41, Direct Real Estate Funds 20 Oaktree Capital Management United States 41, Direct Private Equity Funds 21 Cornerstone Real Estate Advisers United States 41, Direct Real Estate Funds 22 Brevan Howard United Kingdom 39, Direct Hedge Funds 23 Goldman Sachs Asset Management United States 39, Private Equity FoF 24 Warburg Pincus United States 38, Direct Private Equity Funds 25 Prudential Real Estate Investors United States 38, Direct Real Estate Funds 18

19 Top 100 Alternative Asset Managers Top 100 ranking ranked by Total AuM * Figures obtained from publicly available sources and data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 26 Apollo Global Management United States 37, Direct Private Equity Funds 27 Aviva Investors United Kingdom 37, Direct Real Estate Funds 28 Bain Capital United States 37, Direct Private Equity Funds 29 Principal Global Investors United States 36, Direct Real Estate Funds 30 Apax Partners United Kingdom 35, Direct Private Equity Funds 31 Advent International United States 35, Direct Private Equity Funds 32 BlueCrest Capital Management United Kingdom 35, Direct Hedge Funds 33 AEW Capital Management United States 34, Direct Real Estate Funds 34 Riverstone Holdings United States 34, Direct Private Equity Funds 35 J.P. Morgan Asset Management United States 34, Direct Real Estate Funds 36 TIAA-CREF United States 32, Direct Real Estate Funds 37 HarbourVest Partners United States 32, Private Equity FoF 38 Och-Ziff Capital Management Group* United States 31, Direct Hedge Funds 39 Invesco United States 30, Direct Real Estate Funds 40 CVC Capital Partners Luxembourg 30, Direct Private Equity Funds 41 J. P. Morgan Asset Management* United States 29, Direct Hedge Funds 42 PIMCO United States 28, Direct Commodities Funds 43 Credit Suisse Asset Management United States 27, Private Equity FoF 44 UBS Global Asset Management United Kingdom 27, Funds of Hedge Funds 45 Union Investment Germany 27, Direct Real Estate Funds 46 Baupost Group* United States 26, Direct Hedge Funds 47 BlackRock United Kingdom 26, Direct Hedge Funds 48 M&G Investments United Kingdom 26, Direct Real Estate Funds 49 Aberdeen Asset Management United Kingdom 26, Direct Real Estate Funds 50 Heitman United States 26, Direct Real Estate Funds 19

20 Top 100 Alternative Asset Managers Top 100 ranking ranked by Total AuM * Figures obtained from publicly available sources and data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 51 Winton Capital Management United Kingdom 25, Direct Hedge Funds 52 Adage Capital Management* United States 25, Direct Hedge Funds 53 Providence Equity Partners United States 24, Direct Private Equity Funds 54 Partners Group Switzerland 24, Private Equity FoF 55 The Permal Group United States 24, Funds of Hedge Funds 56 Hamilton Lane Advisors United States 23, Private Equity FoF 57 J.P. Morgan Asset Management United States 23, Private Equity FoF 58 Pantheon United Kingdom 23, Private Equity FoF 59 Silver Lake* United States 23, Direct Private Equity Funds 60 Goldman Sachs Asset Management United States 22, Funds of Hedge Funds 61 AMP Capital Investors Australia 22, Direct Real Estate Funds 62 HSBC Holdings United Kingdom 22, Direct Hedge Funds 63 AXA Private Equity France 22, Private Equity FoF 64 Grosvenor Capital Management United States 22, Funds of Hedge Funds 65 Credit Suisse Asset Management United States 22, Direct Hedge Funds 66 Elliott Management Corporation* United States 21, Direct Hedge Funds 67 Henderson Global Investors United Kingdom 20, Direct Real Estate Funds 68 AQR Capital Management United States 20, Direct Hedge Funds 69 EQT Private Equity Funds United Kingdom 20, Direct Private Equity Funds 70 LGT Capital Partners Switzerland 19, Private Equity FoF 71 D. E. Shaw Group United States 19, Direct Hedge Funds 72 Davidson Kempner Advisers* United States 18, Direct Hedge Funds 73 Farallon Capital Management* United States 18, Direct Hedge Funds 74 Bentall Kennedy Canada 18, Direct Real Estate Funds 75 BlackRock United Kingdom 18, Funds of Hedge Funds 20

21 Top 100 Alternative Asset Managers Top 100 ranking ranked by Total AuM * Figures obtained from publicly available sources and data derived from the Global Billion Dollar Club, published by HedgeFund Intelligence Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 76 Adams Street Partners United States 17, Private Equity FoF 77 Paulson & Co.* United States 17, Direct Hedge Funds 78 King Street Capital Management United States 17, Direct Hedge Funds 79 BNP Paribas Real Estate France 17, Direct Real Estate Funds 80 Clarion Partners United States 17, Direct Real Estate Funds 81 Deutsche Asset & Wealth Management United Kingdom 17, Direct Infrastructure Funds 82 GoldenTree Asset Management United States 17, Direct Hedge Funds 83 Millennium Management United States 17, Direct Hedge Funds 84 General Atlantic* United States 17, Direct Private Equity Funds 85 BC Partners United Kingdom 16, Direct Private Equity Funds 86 Financial Risk Management United Kingdom 16, Funds of Hedge Funds 87 Cinven United Kingdom 16, Direct Private Equity Funds 88 Standard Life Investments United Kingdom 16, Direct Real Estate Funds 89 Capital Dynamics Switzerland 16, Private Equity FoF 90 Hines United States 16, Direct Real Estate Funds 91 Legal & General Investment Management United Kingdom 16, Direct Real Estate Funds 92 Viking Global Investors* United States 16, Direct Hedge Funds 93 Gresham Investment Management United States 15, Direct Commodities Funds 94 First Reserve United States 15, Direct Private Equity Funds 95 Global Infrastructure Partners United States 15, Direct Infrastructure Funds 96 Man United Kingdom 15, Direct Hedge Funds 97 SAC Capital Advisors* United States 15, Direct Hedge Funds 98 Leonard Green* United States 15, Direct Private Equity Funds 99 Goldman Sachs Asset Management United States 14, Direct Hedge Funds 100 Canyon Capital Advisors United States 14, Direct Hedge Funds Total 3,108,

22 Section 3 Towers Watson / Financial Times Top Alternative Asset Managers by Investor Type A. Top 100 Alternative Asset Managers by Pension Fund Assets B. Top 25 Alternative Asset Managers by Insurance Company Assets C. Top 25 Alternative Asset Managers by Sovereign Wealth Fund Assets D. Top 25 Alternative Asset Managers by Endowment and Foundation Assets E. Top 25 Alternative Asset Managers by Fund of Funds Assets F. Top 25 Alternative Asset Managers by Wealth Manager Assets G. Top 25 Alternative Asset Managers by Bank Assets How to read this section This section shows the top 100/25 managers ranked by alternative assets, managed on behalf of the above seven investor types.

23 Section 3.A Top 100 Alternative Asset Managers by Pension Fund Assets

24 Top 100 Alternative Asset Managers by Pension Fund Assets Pension Fund Insights Evolving alternatives landscape While many pension funds have built up significant exposure to real estate in the past, they have not been early investors in other alternative assets, like some endowments and foundations. However, this has changed in the last decade and pension funds now represent the most significant source of capital for investment managers of alternative assets, particularly in private equity and hedge funds. More recently, pension funds have also started allocating to infrastructure and commodities. Since the beginning of the global financial crisis there has been a noticeable move by pension funds from making allocations to alternatives through funds of funds to a direct fund approach and sometimes co-investments alongside general partners. A number of largest funds are moving towards a model adopted by some large Canadian pension plans where they have built internal teams to invest directly in private equity and infrastructure. While defined benefit (DB) pension funds continue to make significant allocations to alternatives, defined contribution (DC) pension plans have hardly any exposure, mostly driven by regulatory requirements around liquidity and risk. The industry is trying to find solutions which would allow DC pension funds to allocate more capital to alternatives for the benefit of members whose current limited asset class choice is considered a constraint. Future outlook Alternatives continue to provide pension funds with both diversity and additional returns. We expect the trend of increasing allocation to alternatives by pension funds to persist in the medium term. In the longer run, there is likely to be bifurcation. While open pension plans are likely to continue to allocate to alternatives, the participation of DB pension plans is likely to decrease significantly as these plans look to de-risk and gradually wind down their assets. Innovation will be required to provide solutions for the growing DC pension fund market segment. 24

25 Top 100 Alternative Asset Managers by Pension Fund Assets Executive summary Top 100 Alternative Asset Managers Pension fund assets managed by the top 100 alternative asset managers in the sector amount to USD 1,328.2 bn in This represents 53% of their total AuM (USD 2,499.9 bn). Direct Real Estate Funds remain the most popular alternative asset for Pension funds (over 39% of assets) with six such managers in the top ten. It is followed in popularity by Private Equity FoF, Direct Private Equity Funds, Direct Infrastructure Funds and Direct Hedge Funds. Funds of Hedge Funds and Direct Commodities Funds have smaller allocations relative to the other asset classes. Top 100 Average Smallest Largest USD million Pension fund assets 13, , ,076.0 Total assets 24, , ,845.7 Overall Ranking Average Total AuM No. of Funds Pension fund assets 3, ,826,

26 Top 100 Alternative Asset Managers by Pension Fund Assets Distribution by Asset Class 7% 9% 20% 14% 39% 1% 9% Funds of Hedge Funds Direct Hedge Funds Private Equity FoF Direct Private Equity Funds Direct Real Estate Funds Direct Commodities Funds Direct Infrastructure Funds Asset class Pension Fund assets Average Smallest Largest USD million Number of funds Funds of Hedge Funds 90, , , , Direct Hedge Funds 123, , , , Private Equity FoF 260, , , , Direct Private Equity Funds 189, , , , Direct Real Estate Funds 522, , , , Direct Commodities Funds 19, , , , Direct Infrastructure Funds 121, , , , Total 1,328, , , , * Proportions might not sum up to 100% due to rounding 26

27 Top 100 Alternative Asset Managers by Pension Fund Assets Comparison Total Pension Fund assets increased from USD 1,234.0 bn in 2011 to USD 1,328.2 bn in 2012 (nearly 8%). Pension fund asset allocation in alternatives remained broadly similar to the previous year % 10% 18% 14% 40% 2% 9% % 9% 20% 14% 39% 1% 9% Funds of Hedge Funds Direct Hedge Funds Private Equity FoF Direct Private Equity Funds Direct Real Estate Funds Direct Commodities Funds Direct Infrastructure Funds * Proportions might not sum up to 100% due to rounding 27

28 Top 100 Alternative Top 100 Asset Asset Managers by Pension Fund funds Assets AuM Comparison Note: All data in this section refers to Total Assets for of Top 100 Alternative Asset Managers by Pension Fund Assets Funds of Hedge Funds Direct Hedge Funds Private Equity FoF Direct Private Equity Funds Direct Real Estate Funds Direct Commodities Funds Direct Infrastructure Funds Account for 7% of total Pension Fund assets, down from 8% in There are now ten Funds of Hedge Funds managers in the top 100 ranking compared to 18 in Pension Fund assets of those managers that also appeared in the 2011 top 100 ranking increased by over 13%. Account for 9% of Pension Fund assets, a decline of 1% from last year. The number of managers remained constant from 2011 to 2012 at 10. Pension Fund assets of those managers that also appeared in the 2011 top 100 ranking increased by nearly 12%. Private Equity FoF managers have the second largest amount of Pension Fund assets in the survey. There are now 21 managers in this ranking compared to 16 in Pension Fund assets of those managers that also appeared in the 2011 top 100 ranking increased by over 7%. This is a key asset class for Pension Funds having over 14% of assets in this ranking. Pension Fund assets of those managers that also appeared in the 2011 top 100 ranking increased nearly 12% Account for over 35% of Pension Fund assets in this ranking. Pension Fund assets of those managers that also appeared in the 2011 top 100 ranking declined by 3%. There are two managers in this ranking, down from five in 2011, whose Pension Fund assets increased by 11% in Pension Fund assets of those managers that also appeared in the 2011 top 100 ranking increased by around 14%. There are now nine managers in this ranking, down from 11 in

29 Top 100 Alternative Asset Managers by Pension Fund Assets Top 100 Alternative Asset Managers ranked by Total Pension Fund Assets Position Name of parent organisation Main country of domicile Pension AUM (USD million) Total AUM (USD million) Asset Class 1 Macquarie Group Australia 63, , Direct Infrastructure Funds 2 Bridgewater Associates United States 50, , Direct Hedge Funds 3 CBRE Global Investors United States 44, , Direct Real Estate Funds 4 AlpInvest Partners The Netherlands 43, , Private Equity FoF 5 Prudential Real Estate Investors United States 32, , Direct Real Estate Funds 6 TIAA-CREF United States 32, , Direct Real Estate Funds 7 J.P. Morgan Asset Management United States 29, , Direct Real Estate Funds 8 LaSalle Investment Management United States 26, , Direct Real Estate Funds 9 Blackstone Capital Parters United States 26, , Direct Private Equity Funds 10 Deutsche Asset & Wealth Management United States 24, , Direct Real Estate Funds 11 Blackstone Real Estate Partners United States 24, , Direct Real Estate Funds 12 Heitman United States 23, , Direct Real Estate Funds 13 UBS Global Asset Management United Kingdom 23, , Direct Real Estate Funds 14 Blackstone Alternative Asset Management United States 21, , Funds of Hedge Funds 15 HarbourVest Partners United States 20, , Private Equity FoF 16 Principal Global Investors United States 19, , Direct Real Estate Funds 17 Brookfield Asset Management Canada 19, , Direct Real Estate Funds 18 Oaktree Capital Management United States 19, , Direct Private Equity Funds 19 Kohlberg Kravis Roberts United States 19, , Direct Private Equity Funds 20 Credit Suisse Asset Management United States 18, , Direct Real Estate Funds 21 Credit Suisse Asset Management United States 18, , Private Equity FoF 22 Invesco United States 18, , Direct Real Estate Funds 23 Pantheon United Kingdom 17, , Private Equity FoF 24 Bentall Kennedy Canada 17, , Direct Real Estate Funds 25 Apax Partners United Kingdom 16, , Direct Private Equity Funds 29

30 Top 100 Alternative Asset Managers by Pension Fund Assets Top 100 Alternative Asset Managers ranked by Total Pension Fund Assets Position Name of parent organisation Main country of domicile Pension AUM (USD million) Total AUM (USD million) Asset Class 26 Hamilton Lane Advisors United States 16, , Private Equity FoF 27 Adams Street Partners United States 15, , Private Equity FoF 28 Morgan Stanley United States 15, , Direct Real Estate Funds 29 AMP Capital Investors Australia 14, , Direct Real Estate Funds 30 Advent International United States 14, , Direct Private Equity Funds 31 Partners Group Switzerland 14, , Private Equity FoF 32 Aberdeen Asset Management United Kingdom 14, , Direct Real Estate Funds 33 J.P. Morgan Asset Management United States 14, , Private Equity FoF 34 Riverstone Holdings United States 13, , Direct Private Equity Funds 35 BlueCrest Capital Management United Kingdom 13, , Direct Hedge Funds 36 Clarion Partners United States 13, , Direct Real Estate Funds 37 CVC Capital Partners Luxembourg 12, , Direct Private Equity Funds 38 LGT Capital Partners Switzerland 12, , Private Equity FoF 39 Brevan Howard United Kingdom 12, , Direct Hedge Funds 40 AEW Capital Management United States 12, , Direct Real Estate Funds 41 BlackRock United Kingdom 12, , Direct Hedge Funds 42 Goldman Sachs Asset Management United States 11, , Private Equity FoF 43 PIMCO United States 11, , Direct Commodities Funds 44 Providence Equity Partners United States 11, , Direct Private Equity Funds 45 Grosvenor Capital Management United States 11, , Funds of Hedge Funds 46 First Reserve United States 10, , Direct Private Equity Funds 47 Industry Funds Management Australia 10, , Direct Infrastructure Funds 48 Pathway Capital Management United States 10, , Private Equity FoF 49 Henderson Global Investors United Kingdom 9, , Direct Real Estate Funds 50 GE Asset Management United States 9, , Direct Private Equity Funds 30

31 Top 100 Alternative Asset Managers by Pension Fund Assets Top 100 Alternative Asset Managers ranked by Total Pension Fund Assets Position Name of parent organisation Main country of domicile Pension AUM (USD million) Total AUM (USD million) Asset Class 51 Bouwinvest Real Estate Investment Management The Netherlands 8, , Direct Real Estate Funds 52 Mesirow Advanced Strategies United States 8, , Funds of Hedge Funds 53 Standard Life Investments United Kingdom 8, , Direct Real Estate Funds 54 Brookfield Asset Management Canada 8, , Direct Infrastructure Funds 55 The Permal Group United States 8, , Funds of Hedge Funds 56 Cinven United Kingdom 8, , Direct Private Equity Funds 57 Legal & General Investment Management United Kingdom 8, , Direct Real Estate Funds 58 Financial Risk Management United Kingdom 8, , Funds of Hedge Funds 59 SL Capital Partners United Kingdom 8, , Private Equity FoF 60 Deutsche Asset & Wealth Management United Kingdom 8, , Direct Infrastructure Funds 61 Lexington Partners United States 7, , Private Equity FoF 62 Portfolio Advisors United States 7, , Private Equity FoF 63 UBS Global Asset Management United Kingdom 7, , Funds of Hedge Funds 64 Hermes Real Estate Investment Management United Kingdom 7, , Direct Real Estate Funds 65 Warburg Pincus United States 7, , Direct Private Equity Funds 66 Gresham Investment Management United States 7, , Direct Commodities Funds 67 BlackRock United Kingdom 7, , Direct Real Estate Funds 68 Alinda Capital Partners United States 7, , Direct Infrastructure Funds 69 Global Infrastructure Partners United States 7, , Direct Infrastructure Funds 70 Bridgepoint United Kingdom 6, , Direct Private Equity Funds 71 GoldenTree Asset Management United States 6, , Direct Hedge Funds 72 Bain Capital United States 6, , Direct Private Equity Funds 73 Pacific Alternative Asset Management Company United States 6, , Funds of Hedge Funds 74 DTZ Investment Management United Kingdom 6, , Direct Real Estate Funds 75 Abbott Capital Management United States 6, , Private Equity FoF 31

32 Top 100 Alternative Asset Managers by Pension Fund Assets Top 100 Alternative Asset Managers ranked by Total Pension Fund Assets Position Name of parent organisation Main country of domicile Pension AUM (USD million) Total AUM (USD million) Asset Class 76 AXA Private Equity France 6, , Private Equity FoF 77 The Rock Creek Group United States 6, , Funds of Hedge Funds 78 PIMCO United States 6, , Direct Hedge Funds 79 PIMCO United States 6, , Direct Real Estate Funds 80 Goldman Sachs & Co United States 6, , Direct Infrastructure Funds 81 Nephila Capital Bermuda 6, , Direct Hedge Funds 82 TIAA-CREF United States 5, , Direct Private Equity Funds 83 Lend Lease Group Australia 5, , Direct Real Estate Funds 84 QIC Australia 5, , Direct Real Estate Funds 85 Coller Capital United Kingdom 5, , Private Equity FoF 86 Aviva Investors United Kingdom 5, , Direct Real Estate Funds 87 Cornerstone Real Estate Advisers United States 5, , Direct Real Estate Funds 88 Capital Dynamics Switzerland 5, , Private Equity FoF 89 Hines United States 5, , Direct Real Estate Funds 90 Siguler Guff & Co United States 5, , Private Equity FoF 91 K2 Advisors United States 5, , Funds of Hedge Funds 92 Schroders Investment Management United Kingdom 5, , Direct Real Estate Funds 93 AMP Capital Investors Australia 5, , Direct Infrastructure Funds 94 Hastings Funds Management Australia 5, , Direct Infrastructure Funds 95 Gottex Fund Management Switzerland 5, , Funds of Hedge Funds 96 D. E. Shaw Group United States 5, , Direct Hedge Funds 97 Lyxor Asset Management France 5, , Direct Hedge Funds 98 BlackRock United Kingdom 5, , Private Equity FoF 99 Beach Point Capital Management United States 5, , Direct Hedge Funds 100 Hermes GPE United Kingdom 5, , Private Equity FoF Total 1,328, ,499,

33 Total Universe Pension Fund Assets Five-year comparison Managers that have participated for the past five years Index Dec 2008 = AuM Variation Pension fund assets of the 22 Funds of Hedge Fund Managers that have participated in the last five years has risen steadily since Pension fund assets of the 24 Private Equity FoF Managers that have participated in the last five years has grown significantly since 2008 (ignoring a small decrease in 2009). Pension fund assets of the 34 Direct Real Estate Fund Managers that have participated in the last five years have been volatile, falling in 2009 followed by a rise in 2010, maintaining that level in 2011, and falling again in Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Funds of Hedge Funds Direct Real Estate Funds Direct Infrastructure Funds Private Equity FoF Direct Commodities Funds Pension fund assets of the 9 Direct Commodities Fund Managers that have participated in the last five years have had the biggest variation, increasing by 146% in 2010 but then remaining steady. Pension fund assets of the 18 Direct Infrastructure Fund Managers that have participated in the last five years have been growing steadily at an average of around 36%. 33

34 Section 3.B Top 25 Alternative Asset Managers by Insurance Company Assets

35 Top 25 Alternative Asset Managers by Insurance Company Assets Insurance Insights Evolving alternatives landscape Life insurers have been increasing their focus on, and allocation to, alternatives over the last few years, and the trend has been underlined by the economic environment and regulatory changes, including Solvency II. Continued low bond yields have been another key catalyst for increasing investor interest in alternative asset classes. Future outlook We expect the impact of these themes to grow in significance over the next few years, for three main reasons: Institutional familiarity arising from already having made initial allocations Existence of better value, more-aligned fee propositions for these assets Continued need for better risk-adjusted returns The alternatives universe is diverse, and there are micro preferences for some asset classes over others. Insurance companies prefer longer term, secured, yield producing assets (eg, infrastructure), real assets that provide an illiquidity premium (eg, real estate) and pooled funds which are transparent and insurance-reporting friendly. 35

36 Top 25 Alternative Asset Managers by Insurance Company Assets Executive summary Top 25 Alternative Asset Managers Insurance company assets managed by the top 25 managers in the sector amounted to USD bn in Direct Real Estate Funds represent the largest block of alternative assets for Insurance companies (over 73%) followed by Private Equity FoF, Funds of Hedge Funds, Direct Private Equity Funds and Direct Infrastructure Funds. In this dataset, there was no investment in Direct Hedge Funds or Direct Commodities Funds by Insurance companies. Top 25 Average Smallest Largest USD million Insurance Company assets 9, , ,068.2 Total assets 31, , ,845.7 Overall Ranking Average Total AuM No. of Funds Insurance Company assets 1, ,

37 Top 25 Alternative Asset Managers by Insurance Company Assets Distribution by Asset Class 6% 15% 4% 73% 2% Funds of Hedge Funds Private Equity FoF Direct Private Equity Funds Direct Real Estate Funds Direct Infrastructure Funds Asset class Insurance Company assets Average Smallest Largest USD million Number of funds Funds of Hedge Funds 14, , , , Private Equity FoF 37, , , , Direct Private Equity Funds 9, , , , Direct Real Estate Funds 179, , , , Direct Infrastructure Funds 3, , , Total 243, , , ,

38 Top 25 Alternative Asset Managers by Insurance Company Assets Top 25 comparison Insurance company assets increased from USD bn in 2011 to USD bn in Insurance companies tend to focus on Direct Real Estate and that trend has remained consistent. There are 5 new responses in the top 25, insurance company assets from those managers account for near USD 47.0bn (19% of total Insurance company assets on top 25). Total Insurance company assets for managers who were in the top 25 ranking for both 2011 and 2012 increased almost 14% % 11% 8% 74% 2% % 15% 4% 73% 2% Funds of Hedge Funds Private Equity FoF Direct Private Equity Funds Direct Real Estate Funds * Proportions might not sum up to 100% due to rounding Direct Infrastructure Funds 38

39 Top 25 Alternative Asset Managers by Insurance Company Assets Top 25 Alternative Asset Managers ranked by Insurance Company Assets Position Name of parent organisation Main country of domicile Insurance AUM (USD million) Total AUM (USD million) Asset Class 1 AXA Real Estate France 47, , Direct Real Estate Funds 2 Cornerstone Real Estate Advisers United States 33, , Direct Real Estate Funds 3 M&G Investments United Kingdom 26, , Direct Real Estate Funds 4 AXA Private Equity France 12, , Private Equity FoF 5 Principal Global Investors United States 12, , Direct Real Estate Funds 6 Aviva Investors United Kingdom 11, , Direct Real Estate Funds 7 CBRE Global Investors United States 10, , Direct Real Estate Funds 8 AEW Capital Management United States 9, , Direct Real Estate Funds 9 Capital Dynamics Switzerland 6, , Private Equity FoF 10 BNP Paribas Real Estate France 6, , Direct Real Estate Funds 11 BlackRock United Kingdom 5, , Private Equity FoF 12 Blackstone Alternative Asset Management United States 5, , Funds of Hedge Funds 13 Aberdeen Asset Management United Kingdom 5, , Direct Real Estate Funds 14 Invesco United States 5, , Direct Real Estate Funds 15 AXA Private Equity France 5, , Direct Private Equity Funds 16 Amundi Alternative Investments France 4, , Funds of Hedge Funds 17 HarbourVest Partners United States 4, , Private Equity FoF 18 SWIP United Kingdom 4, , Direct Real Estate Funds 19 Henderson Global Investors United Kingdom 4, , Direct Real Estate Funds 20 Blackstone Capital Parters United States 4, , Direct Private Equity Funds 21 PineBridge Investments United States 4, , Private Equity FoF 22 AXA Investment Managers GS United Kingdom 4, , Funds of Hedge Funds 23 Standard Life Investments United Kingdom 3, , Direct Real Estate Funds 24 Macquarie Group Australia 3, , Direct Infrastructure Funds 25 Partners Group Switzerland 3, , Private Equity FoF Total 243, ,

40 Section 3.C Top 25 Alternative Asset Managers by Sovereign Wealth Fund Assets

41 Top 25 Alternative Asset Managers by Sovereign Wealth Fund Assets Sovereign Wealth Fund Insights Evolving alternatives landscape Sovereign Wealth Funds remain a difficult investor group to analyse given how disparate their social and economic goals tend to be. In essence, most Sovereign Wealth Funds are aiming to get more diversity in their asset allocation via alternative asset classes and through the internationalisation of their asset base. However, some are still focussing only on local and mainstream investments. Future outlook Sovereign Wealth Funds with sufficient scale are working towards accessing alternative assets directly without the intermediary function of alternative asset fund managers. Many Sovereign Wealth Funds are strengthening their internal investment capabilities to be able to expand the scope of what they are able to access directly, without outsourcing to third party asset managers. More broadly, alternative asset managers will continue to attract capital from the small and medium size Sovereign Wealth Funds. We also expect Sovereign Wealth Funds to continue diversifying into other alternative asset classes beyond real estate and private equity. 41

42 Top 25 Alternative Asset Managers by Sovereign Wealth Fund Assets Executive summary Top 25 Alternative Asset Managers Sovereign Wealth Fund assets managed by the top 25 alternative asset managers amounted to USD bn in Direct Private Equity Funds and Direct Real Estate Funds have the largest share of Sovereign Wealth Fund assets with 37% and 30% respectively followed by Direct Hedge Funds, Funds of Hedge Funds and Direct Infrastructure Funds. As in 2011, Sovereign Wealth Funds continued to shun Private Equity Fund of Funds and Direct Commodities Funds. Top 25 Average Smallest Largest USD million Sovereign Wealth Fund assets 6, , ,600.0 Total assets 42, , ,845.7 Overall Ranking Average Total AuM No. of Funds Sovereign Wealth Fund assets 1, ,

43 Top 25 Alternative Asset Managers by Sovereign Wealth Fund Assets Distribution by Asset Class 10% 13% 37% 30% 10% Funds of Hedge Funds Direct Hedge Funds Direct Private Equity Funds Direct Real Estate Funds Direct Infrastructure Funds Asset class Sovereign Wealth Fund assets Average Smallest Largest USD million Number of funds Funds of Hedge Funds 16, , , , Direct Hedge Funds 19, , , , Direct Private Equity Funds 57, , , , Direct Real Estate Funds 46, , , , Direct Infrastructure Funds 14, , , , Total 154, , , ,

44 Top 25 Alternative Asset Managers by Sovereign Wealth Fund Assets Top 25 comparison Sovereign Wealth Fund assets increased from USD 91.0 bn in 2011 to USD bn in Direct Private Equity Funds and Direct Real Estate Funds attracted large amounts of Sovereign Wealth Fund assets in On the other hand, Funds of Hedge Funds in this sample lost nearly a third of their Sovereign Wealth Fund assets. There are 8 new entrances on the top 25, those managers assets account USD 60.2bn (39% of total Sovereign Wealth Fund assets on top 25). Total Sovereign Wealth Fund assets for managers who were in the top 25 ranking for both 2011 and 2012 increased almost 40% % 29% 39% 6% % 13% 37% 30% 10% Funds of Hedge Funds Direct Hedge Funds Direct Private Equity Funds Direct Real Estate Funds Direct Infrastructure Funds 44

45 Top 25 Alternative Asset Managers by Sovereign Wealth Fund Assets Top 25 Alternative Asset Managers ranked by Sovereign Wealth Fund Assets Position Name of parent organisation Main country of domicile Sovereign AUM (USD million) Total AUM (USD million) Asset Class 1 Bridgewater Associates United States 16, , Direct Hedge Funds 2 Warburg Pincus United States 16, , Direct Private Equity Funds 3 Brookfield Asset Management Canada 14, , Direct Real Estate Funds 4 Blackstone Alternative Asset Management United States 9, , Funds of Hedge Funds 5 Blackstone Real Estate Partners United States 8, , Direct Real Estate Funds 6 Blackstone Capital Parters United States 7, , Direct Private Equity Funds 7 Kohlberg Kravis Roberts United States 6, , Direct Private Equity Funds 8 QIC Australia 6, , Direct Infrastructure Funds 9 Oaktree Capital Management United States 6, , Direct Private Equity Funds 10 LaSalle Investment Management United States 6, , Direct Real Estate Funds 11 BlackRock United Kingdom 6, , Funds of Hedge Funds 12 AXA Real Estate France 5, , Direct Real Estate Funds 13 Global Infrastructure Partners United States 4, , Direct Infrastructure Funds 14 Advent International United States 4, , Direct Private Equity Funds 15 CBRE Global Investors United States 4, , Direct Real Estate Funds 16 CVC Capital Partners Luxembourg 3, , Direct Private Equity Funds 17 Riverstone Holdings United States 3, , Direct Private Equity Funds 18 Providence Equity Partners United States 3, , Direct Private Equity Funds 19 Macquarie Group Australia 3, , Direct Infrastructure Funds 20 BlueCrest Capital Management United Kingdom 2, , Direct Hedge Funds 21 Bain Capital United States 2, , Direct Private Equity Funds 22 J.P. Morgan Asset Management United States 2, , Direct Real Estate Funds 23 Macquarie Group Australia 2, , Direct Real Estate Funds 24 Morgan Stanley United States 2, , Direct Real Estate Funds 25 Cinven United Kingdom 2, , Direct Private Equity Funds Total 154, ,055,

46 Section 3.D Top 25 Alternative Asset Managers by Endowment and Foundation Assets

47 Top 25 Alternative Asset Managers by Endowment and Foundation Assets Endowment and Foundation Insights Evolving alternatives landscape Endowments and Foundations were generally early investors in alternative assets, especially in private equity, hedge funds and real estate, and more latterly have incorporated commodities and reinsurance into their asset allocation. When size and internal resources permit, direct fund or asset investments have been their chosen approach for allocations to hedge funds and private equity in order to reduce the fee burden associated with outsourcing to fund managers. Future outlook We see the trends of incremental diversification and shifting to direct manager relationships continuing for larger Endowments and Foundations. With the focus now being more on finding alternatives for low-yielding government bonds and index linked bonds, Endowments and Foundations have focused beyond traditional alternatives more recently. The expectation is that Endowments and Foundations will continue to make extensive use of alternative asset classes to help them diversify their portfolios and achieve their return expectations but overall allocation levels will remain relatively static over the medium to long term. 47

48 Top 25 Alternative Asset Managers by Endowment and Foundation Assets Executive summary Top 25 Alternative Asset Managers Endowment and Foundation assets managed by the top 25 managers amounted to USD 72.2 bn in Of the alternative asset classes surveyed, Endowment and Foundation assets are the most evenly distributed: Direct Private Equity Funds is the largest, followed by Direct Hedge Funds, Direct Real Estate Funds, Funds of Hedge Funds and by Private Equity FoF. Direct Commodities Funds have the lowest allocation from Endowments and Foundations, with Direct Infrastructure Funds having no allocation in this sample. Top 25 Average Smallest Largest USD million Endowment & Foundation assets 2, , ,200.0 Total assets 27, , ,042.0 Overall Ranking Average Total AuM No. of Funds Endowment & Foundation assets ,

49 Top 25 Alternative Asset Managers by Endowment and Foundation Assets Distribution by asset class 11% 20% 8% 37% 19% 4% Funds of Hedge Funds Direct Hedge Funds Private Equity FoF Direct Private Equity Funds Direct Real Estate Funds Direct Commodities Funds Asset class Endowment and Foundation assets Average Smallest Largest Number of funds USD million Funds of Hedge Funds 8, , , , Direct Hedge Funds 14, , , , Private Equity FoF 6, , , , Direct Private Equity Funds 26, , , , Direct Real Estate Funds 13, , , , Direct Commodities Funds 2, , , Total 72, , , , * Proportions might not sum up to 100% due to rounding 49

50 Top 25 Alternative Asset Managers by Endowment and Foundation Assets Top 25 comparison Endowment and Foundation assets for the top 25 increased from USD 58.6 bn in 2011 to USD 72.2 bn in Direct Private Equity Funds continued to attract the largest amount of Endowment and Foundation assets in % 24% 6% 45% 9% 5% % 20% 8% 37% 19% 4% Funds of Hedge Funds Direct Hedge Funds Private Equity FoF Direct Private Equity Funds Direct Real Estate Funds Direct Commodities Funds * Proportions might not sum up to 100% due to rounding 50

51 Top 25 Alternative Asset Managers by Endowment and Foundation Assets Top 25 Alternative Asset Managers ranked by Endowment and Foundation Assets Position Name of parent organisation Main country of domicile E&F AUM (USD million) Total AUM (USD million) Asset Class 1 Bain Capital United States 8, , Direct Private Equity Funds 2 Bridgewater Associates United States 6, , Direct Hedge Funds 3 Oaktree Capital Management United States 3, , Direct Private Equity Funds 4 Blackstone Alternative Asset Management United States 3, , Funds of Hedge Funds 5 Credit Suisse Asset Management United States 3, , Direct Real Estate Funds 6 EII Capital Management United States 3, , Direct Real Estate Funds 7 Riverstone Holdings United States 3, , Direct Private Equity Funds 8 Patron Capital United Kingdom 3, , Direct Real Estate Funds 9 Blackstone Real Estate Partners United States 3, , Direct Real Estate Funds 10 Gresham Investment Management United States 2, , Direct Commodities Funds 11 Evanston Capital Management United States 2, , Funds of Hedge Funds 12 Fir Tree Partners United States 2, , Direct Hedge Funds 13 Advent International United States 2, , Direct Private Equity Funds 14 Wellington Hedge Management United States 2, , Direct Hedge Funds 15 LGT Capital Partners Switzerland 2, , Private Equity FoF 16 Siguler Guff & Co United States 1, , Private Equity FoF 17 Clayton, Dubilier & Rice United States 1, , Direct Private Equity Funds 18 Kayne Anderson Capital Advisors United States 1, , Direct Private Equity Funds 19 HarbourVest Partners United States 1, , Private Equity FoF 20 BlueCrest Capital Management United Kingdom 1, , Direct Hedge Funds 21 Blackstone Capital Parters United States 1, , Direct Private Equity Funds 22 Lansdowne Partners United Kingdom 1, , Direct Hedge Funds 23 Grosvenor Capital Management United States 1, , Funds of Hedge Funds 24 Warburg Pincus United States 1, , Direct Private Equity Funds 25 Energy Capital Partners United States 1, , Direct Private Equity Funds Total 72, ,

52 Section 3.E Top 25 Alternative Asset Managers by Fund of Funds Assets

53 Top 25 Alternative Asset Managers by Fund of Funds Assets Executive summary Top 25 Alternative Asset Managers Fund of Funds assets managed by the top 25 alternative asset managers amounted to USD bn in Fund of Funds assets are distributed as follows: Direct Hedge Funds is the largest, followed by Direct Private Equity Funds, with the remainder in Direct Real Estate Funds and Direct Commodities Funds. There were no allocations to Direct Infrastructure Funds by Funds of Funds in this sample. Top 25 Average Smallest Largest USD million Fund of Funds assets 4, , ,220.0 Total assets 24, , ,042.0 Overall Ranking Average Total AuM No. of Funds Fund of Funds assets ,

54 Top 25 Alternative Asset Managers by Fund of Funds Assets Distribution by Asset Class 51% 45% 2%2% Direct Hedge Funds Direct Real Estate Funds Direct Private Equity Funds Direct Commodities Funds Asset class Funds of Fund assets Average Smallest Largest Number of funds USD million Direct Hedge Funds 59, , , , Direct Private Equity Funds 52, , , , Direct Real Estate Funds 2, , , Direct Commodities Funds 2, , , Total 117, , , ,

55 Top 25 Alternative Asset Managers by Fund of Funds Assets Top 25 Alternative Asset Managers ranked by Fund of Funds Assets Position Name of parent organisation Main country of domicile Funds of Funds AUM (USD million) Total AUM (USD million) Asset Class 1 BlueCrest Capital Management United Kingdom 8, , Direct Hedge Funds 2 Apax Partners United Kingdom 7, , Direct Private Equity Funds 3 Bain Capital United States 7, , Direct Private Equity Funds 4 Advent International United States 7, , Direct Private Equity Funds 5 CVC Capital Partners Luxembourg 7, , Direct Private Equity Funds 6 Credit Suisse Asset Management United States 6, , Direct Hedge Funds 7 Winton Capital Management United Kingdom 6, , Direct Hedge Funds 8 Millennium Management United States 5, , Direct Hedge Funds 9 Bridgewater Associates United States 5, , Direct Hedge Funds 10 Blackstone Capital Parters United States 5, , Direct Private Equity Funds 11 D. E. Shaw Group United States 4, , Direct Hedge Funds 12 EQT Private Equity Funds United Kingdom 4, , Direct Private Equity Funds 13 Providence Equity Partners United States 4, , Direct Private Equity Funds 14 Transtrend The Netherlands 4, , Direct Hedge Funds 15 Amundi Alternative Investments France 3, , Direct Hedge Funds 16 Two Sigma Investments United States 3, , Direct Hedge Funds 17 Pine River Capital Management United States 3, , Direct Hedge Funds 18 York Capital Management Global Advisors United States 2, , Direct Hedge Funds 19 Lend Lease Group Australia 2, , Direct Real Estate Funds 20 Kohlberg Kravis Roberts United States 2, , Direct Private Equity Funds 21 Nordic Capital United Kingdom 2, , Direct Private Equity Funds 22 PIMCO United States 2, , Direct Commodities Funds 23 Canyon Capital Advisors United States 2, , Direct Hedge Funds 24 CQS United Kingdom 2, , Direct Hedge Funds 25 Clayton, Dubilier & Rice United States 2, , Direct Private Equity Funds Total 117, ,

56 Section 3.F Top 25 Alternative Asset Managers by Wealth Manager Assets

57 Top 25 Alternative Asset Managers by Wealth Manager Assets Wealth Management Insights Evolving alternatives landscape In the past five years wealth managers, on behalf of their private clients, have faced many of the same challenges as institutional investors, those being insufficient yield/income from core government bonds coupled with hesitation about medium-term returns from corporate credit and to a lesser extent public equity. As such, wealth managers are increasingly looking toward other sources of return with renewed interest, such as those available in hedge funds and private equity. Wealth managers are generally quite sensitive about fees paid to external fund managers and considering how expensive some of the alternative asset classes can become, they often choose to invest in assets directly. Future outlook With the likelihood of weaker growth within developed markets and subdued returns from traditional asset classes, wealth managers are likely to take a more active role in pursuing alternative asset classes as additional sources of return, particularly in emerging markets, hedge funds and private equity. 57

58 Top 25 Alternative Asset Managers by Wealth Manager Assets Executive summary Top 25 Alternative Asset Managers Wealth Manager assets managed by the top 25 managers amounted to USD bn in Direct Real Estate Funds represent the most popular of alternative assets for Wealth Management firms followed by Direct Commodities Funds, Direct Hedge Funds, Direct Private Equity Funds, Funds of Hedge Funds and Direct Infrastructure Funds. There were no Wealth Manager investments in Private Equity FoF in this sample. Top 25 Average Smallest Largest USD million Wealth Manager assets 17, , ,669.1 Total assets 38, , ,000.0 Overall Ranking Average Total AuM No. of Funds Wealth Manager assets 2, ,

59 Top 25 Alternative Asset Managers by Wealth Manager Assets Distribution by Asset Class 4% 13% 8% 50% 22% 3% Funds of Hedge Funds Direct Hedge Funds Direct Private Equity Funds Direct Real Estate Funds Direct Commodities Funds Direct Infrastructure Funds Asset class Wealth Manager assets Average Smallest Largest Number of funds USD million Funds of Hedge Funds 16, , , Direct Hedge Funds 55, , , , Direct Private Equity Funds 35, , , , Direct Real Estate Funds 212, , , , Direct Commodities Funds 94, , , , Direct Infrastructure Funds 11, , , Total 426, , , ,

60 Top 25 Alternative Asset Managers by Wealth Manager Assets Top 25 Alternative Asset Managers ranked by Wealth Manager Assets Position Name of parent organisation Main country of domicile Wealth Managers AUM (USD million) Total AUM (USD million) Asset Class 1 BlackRock United Kingdom 70, , Direct Commodities Funds 2 UBS Global Asset Management United Kingdom 32, , Direct Real Estate Funds 3 Brookfield Asset Management Canada 30, , Direct Real Estate Funds 4 Union Investment Germany 23, , Direct Real Estate Funds 5 HSBC Holdings United Kingdom 21, , Direct Hedge Funds 6 CBRE Global Investors United States 21, , Direct Real Estate Funds 7 Deutsche Asset & Wealth Management United States 21, , Direct Real Estate Funds 8 Aviva Investors United Kingdom 20, , Direct Real Estate Funds 9 Morgan Stanley United States 18, , Direct Real Estate Funds 10 UBS Global Asset Management United Kingdom 16, , Funds of Hedge Funds 11 Canyon Capital Advisors United States 12, , Direct Hedge Funds 12 BlackRock United Kingdom 12, , Direct Hedge Funds 13 PIMCO United States 12, , Direct Commodities Funds 14 Invesco United States 11, , Direct Commodities Funds 15 Kayne Anderson Capital Advisors United States 11, , Direct Infrastructure Funds 16 LaSalle Investment Management United States 11, , Direct Real Estate Funds 17 Credit Suisse Asset Management United States 10, , Direct Real Estate Funds 18 Blackstone Capital Parters United States 9, , Direct Private Equity Funds 19 Bain Capital United States 9, , Direct Private Equity Funds 20 Kohlberg Kravis Roberts United States 9, , Direct Private Equity Funds 21 Credit Suisse Asset Management United States 8, , Direct Hedge Funds 22 F&C REIT United Kingdom 8, , Direct Real Estate Funds 23 Oaktree Capital Management United States 7, , Direct Private Equity Funds 24 Blackstone Real Estate Partners United States 7, , Direct Real Estate Funds 25 AEW Capital Management United States 7, , Direct Real Estate Funds Total 426, ,

61 Section 3.G Top 25 Alternative Asset Managers by Bank Assets

62 Top 25 Alternative Asset Managers by Bank Assets Bank Insights Evolving alternatives landscape The increasingly punitive regulatory environment, which requires banks to hold greater capital reserves, has forced them to shed non-core assets resulting in large sales of their alternative asset class holdings. This process of re-defining banks business models has effectively stopped any new commitments from banks to alternative assets. Future outlook As long as the banking sector remains under pressure from regulators and is fundamentally changing its business model, banks are likely to continue retrenching from alternative assets, with historic commitments slowly being realised. 62

63 Top 25 Alternative Asset Managers by Bank Assets Executive summary Top 25 Alternative Asset Managers Bank assets managed by the top 25 managers amounted to USD bn in Bank assets are relatively evenly distributed: Direct Real Estate Funds is the largest category, followed by Private Equity FoF, Funds of Hedge Funds, Direct Private Equity Funds, Direct Infrastructure Funds and Direct Commodities Funds. Top 25 Average Smallest Largest USD million Bank assets 6, , ,339.3 Total assets 27, , ,845.7 Overall Ranking Average Total AuM No. of Funds Bank assets ,

64 Top 25 Alternative Asset Managers by Bank Assets Distribution by Asset Class 16% 8% 19% 14% 28% 4% 11% Funds of Hedge Funds Direct Hedge Funds Private Equity FoF Direct Private Equity Funds Direct Real Estate Funds Direct Commodities Funds Direct Infrastructure Funds Asset class Bank assets Average Smallest Largest Number of funds USD million Funds of Hedge Funds 25, , , , Direct Hedge Funds 13, , , , Private Equity FoF 30, , , , Direct Private Equity Funds 22, , , , Direct Real Estate Funds 45, , , , Direct Commodities Funds 6, , , , Direct Infrastructure Funds 17, , , Total 160, , , ,

65 Top 25 Alternative Asset Managers by Bank Assets Top 25 Alternative Asset Managers ranked by Bank Assets Position Name of parent organisation Main country of domicile Banks AUM (USD million) Total AUM (USD million) Asset Class 1 Goldman Sachs Asset Management United States 27, , Private Equity FoF 2 Macquarie Group Australia 17, , Direct Infrastructure Funds 3 Warburg Pincus United States 10, , Direct Private Equity Funds 4 AXA Real Estate France 8, , Direct Real Estate Funds 5 Credit Suisse Asset Management United States 7, , Direct Real Estate Funds 6 Pictet & Cie Switzerland 7, , Funds of Hedge Funds 7 The Permal Group United States 7, , Funds of Hedge Funds 8 UBS Global Asset Management United Kingdom 7, , Direct Real Estate Funds 9 Winton Capital Management United Kingdom 7, , Direct Hedge Funds 10 Anchorage Capital Group United States 6, , Direct Hedge Funds 11 Savills United Kingdom 5, , Direct Real Estate Funds 12 Riverstone Holdings United States 5, , Direct Private Equity Funds 13 AEW Capital Management United States 4, , Direct Real Estate Funds 14 Kohlberg Kravis Roberts United States 3, , Direct Private Equity Funds 15 Grosvenor Capital Management United States 3, , Funds of Hedge Funds 16 Diapason Commodities Management Switzerland 3, , Direct Commodities Funds 17 Aberdeen Asset Management United Kingdom 3, , Funds of Hedge Funds 18 EII Capital Management United States 3, , Direct Real Estate Funds 19 Blackstone Capital Parters United States 3, , Direct Private Equity Funds 20 Pictet & Cie Switzerland 3, , Private Equity FoF 21 Forum Partners Investment Management United States 3, , Direct Real Estate Funds 22 Deutsche Asset & Wealth Management United States 2, , Direct Commodities Funds 23 Union Investment Germany 2, , Direct Real Estate Funds 24 The Bank of New York Mellon Corporation United States 2, , Direct Real Estate Funds 25 Lyxor Asset Management France 2, , Funds of Hedge Funds Total 160, ,

66 Section 4 Total Universe How to read this section This section shows the total universe of all survey participants, ranked by total assets under management in each individual alternatives asset class. It also includes regions in which they invest and where the managers are domiciled.

67 Total Universe Aggregate survey statistics 8% 26% 10% 20% 26% 4% 6% Funds of Hedge Funds Direct Hedge Funds Private Equity FoF Direct Private Equity Funds Direct Real Estate Funds Direct Commodities Funds Direct Infrastructure Funds Asset class * Proportions might not sum 100% due to rounding Total AuM Average Smallest Largest USD million Number of funds Funds of Hedge Funds 426, , , Direct Hedge Funds 1,306, , , Private Equity FoF 531, , , Direct Private Equity Funds 1,000, , , Direct Real Estate Funds 1,338, , , Direct Commodities Funds 210, , , Direct Infrastructure Funds 306, , , Total 5,119, , ,

68 Total Universe Aggregate survey statistics by investor type 36% 8% 5% 3% 5% 19% 5% 19% Pension funds Insurance firms Sovereign wealth funds Endowments and Foundations Funds of Funds Wealth Managers Banks Other Asset class Total AuM Average Smallest Largest USD million Number of funds Pension funds 1,826, , , Insurance firms 411, , , Sovereign wealth funds 277, , , Endowments and Foundations 165, , Funds of Funds 234, , Wealth Managers 986, , , Banks 247, , * The category Other has been included for assets that could not be allocated into the survey s categories, it has not been analysed in detail. 68

69 Top Asset Managers by Investor Type Aggregate survey statistics by asset class Comparison USD million ,689, , ,612, , , ,826, , , , , , , , Pension Fund Insurance Company Sovereign Wealth Fund Endowment and Foundation Fund of Funds Wealth Manager Bank Other 69

70 Total Universe Region of investment Asset managers were requested to state where their assets are invested Funds of Hedge Funds 28% 13% 43% 15% Direct Hedge Funds 29% 12% 43% 16% Private Equity FoF 31% 8% 57% 4% Direct Private Equity Funds 37% 9% 50% 4% Direct Real Estate Funds 44% 11% 39% 5% Direct Commodities Funds 16% 2% 57% 25% Direct Infrastructure Funds 44% 23% 30% 3% Europe North America Asia Pacific Other * Some proportions might not sum 100% due to rounding 70

71 Total Universe Region of investment (aggregated) and domicile Distribution by investment 37% 44% 12% 8% Distribution by domicile 38% 53% 9% <1% Europe Central/North America Asia Pacific Other Over 61% of the managers domiciled in Europe are based in the UK; 16% are in Switzerland and 10% are in France. Around 94% of North America managers are domiciled in the US. Asia Pacific is represented by 51 managers from Australia, China, Hong Kong, India, Japan, New Zealand and Singapore. * Proportions might not sum 100% due to rounding 71

72 Alternative Asset Managers Alternative Asset Managers Ranking Total assets by asset class Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 1 Macquarie Group Australia 94, Direct Infrastructure Funds 2 Bridgewater Associates United States 84, Direct Hedge Funds 3 CBRE Global Investors United States 80, Direct Real Estate Funds 4 BlackRock United Kingdom 74, Direct Commodities Funds 5 Goldman Sachs & Co. United States 68, Direct Private Equity Funds 6 AXA Real Estate France 65, Direct Real Estate Funds 7 Brookfield Asset Management Canada 65, Direct Real Estate Funds 8 UBS Global Asset Management United Kingdom 65, Direct Real Estate Funds 9 Blackstone Capital Parters United States 57, Direct Private Equity Funds 10 TPG Capital United States 54, Direct Private Equity Funds 11 The Carlyle Group* United States 53, Direct Private Equity Funds 12 Blackstone Real Estate Partners United States 50, Direct Real Estate Funds 13 Deutsche Asset & Wealth Management United States 48, Direct Real Estate Funds 14 LaSalle Investment Management United States 47, Direct Real Estate Funds 15 Kohlberg Kravis Roberts United States 45, Direct Private Equity Funds 16 Blackstone Alternative Asset Management United States 44, Funds of Hedge Funds 17 AlpInvest Partners The Netherlands 44, Private Equity FoF 18 Credit Suisse Asset Management United States 41, Direct Real Estate Funds 19 Morgan Stanley United States 41, Direct Real Estate Funds 20 Oaktree Capital Management United States 41, Direct Private Equity Funds 21 Cornerstone Real Estate Advisers United States 41, Direct Real Estate Funds 22 Brevan Howard United Kingdom 39, Direct Hedge Funds 23 Goldman Sachs Asset Management United States 39, Private Equity FoF 24 Warburg Pincus United States 38, Direct Private Equity Funds 25 Prudential Real Estate Investors United States 38, Direct Real Estate Funds 72

73 Alternative Asset Managers Alternative Asset Managers Ranking Total assets by asset class Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 26 Apollo Global Management United States 37, Direct Private Equity Funds 27 Aviva Investors United Kingdom 37, Direct Real Estate Funds 28 Bain Capital United States 37, Direct Private Equity Funds 29 Principal Global Investors United States 36, Direct Real Estate Funds 30 Apax Partners United Kingdom 35, Direct Private Equity Funds 31 Advent International United States 35, Direct Private Equity Funds 32 BlueCrest Capital Management United Kingdom 35, Direct Hedge Funds 33 AEW Capital Management United States 34, Direct Real Estate Funds 34 Riverstone Holdings United States 34, Direct Private Equity Funds 35 J.P. Morgan Asset Management United States 34, Direct Real Estate Funds 36 TIAA-CREF United States 32, Direct Real Estate Funds 37 HarbourVest Partners United States 32, Private Equity FoF 38 Och-Ziff Capital Management Group* United States 31, Direct Hedge Funds 39 Invesco United States 30, Direct Real Estate Funds 40 CVC Capital Partners Luxembourg 30, Direct Private Equity Funds 41 J. P. Morgan Asset Management* United States 29, Direct Hedge Funds 42 PIMCO United States 28, Direct Commodities Funds 43 Credit Suisse Asset Management United States 27, Private Equity FoF 44 UBS Global Asset Management United Kingdom 27, Funds of Hedge Funds 45 Union Investment Germany 27, Direct Real Estate Funds 46 Baupost Group* United States 26, Direct Hedge Funds 47 BlackRock United Kingdom 26, Direct Hedge Funds 48 M&G Investments United Kingdom 26, Direct Real Estate Funds 49 Aberdeen Asset Management United Kingdom 26, Direct Real Estate Funds 50 Heitman United States 26, Direct Real Estate Funds 73

74 Alternative Asset Managers Alternative Asset Managers Ranking Total assets by asset class Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 51 Winton Capital Management United Kingdom 25, Direct Hedge Funds 52 Adage Capital Management* United States 25, Direct Hedge Funds 53 Providence Equity Partners United States 24, Direct Private Equity Funds 54 Partners Group Switzerland 24, Private Equity FoF 55 The Permal Group United States 24, Funds of Hedge Funds 56 Hamilton Lane Advisors United States 23, Private Equity FoF 57 J.P. Morgan Asset Management United States 23, Private Equity FoF 58 Pantheon United Kingdom 23, Private Equity FoF 59 Silver Lake* United States 23, Direct Private Equity Funds 60 Goldman Sachs Asset Management United States 22, Funds of Hedge Funds 61 AMP Capital Investors Australia 22, Direct Real Estate Funds 62 HSBC Holdings United Kingdom 22, Direct Hedge Funds 63 AXA Private Equity France 22, Private Equity FoF 64 Grosvenor Capital Management United States 22, Funds of Hedge Funds 65 Credit Suisse Asset Management United States 22, Direct Hedge Funds 66 Elliott Management Corporation* United States 21, Direct Hedge Funds 67 Henderson Global Investors United Kingdom 20, Direct Real Estate Funds 68 AQR Capital Management United States 20, Direct Hedge Funds 69 EQT Private Equity Funds United Kingdom 20, Direct Private Equity Funds 70 LGT Capital Partners Switzerland 19, Private Equity FoF 71 D. E. Shaw Group United States 19, Direct Hedge Funds 72 Davidson Kempner Advisers* United States 18, Direct Hedge Funds 73 Farallon Capital Management* United States 18, Direct Hedge Funds 74 Bentall Kennedy Canada 18, Direct Real Estate Funds 75 BlackRock United Kingdom 18, Funds of Hedge Funds 74

75 Alternative Asset Managers Alternative Asset Managers Ranking Total assets by asset class Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 76 Adams Street Partners United States 17, Private Equity FoF 77 Paulson & Co.* United States 17, Direct Hedge Funds 78 King Street Capital Management United States 17, Direct Hedge Funds 79 BNP Paribas Real Estate France 17, Direct Real Estate Funds 80 Clarion Partners United States 17, Direct Real Estate Funds 81 Deutsche Asset & Wealth Management United Kingdom 17, Direct Infrastructure Funds 82 GoldenTree Asset Management United States 17, Direct Hedge Funds 83 Millennium Management United States 17, Direct Hedge Funds 84 General Atlantic* United States 17, Direct Private Equity Funds 85 BC Partners United Kingdom 16, Direct Private Equity Funds 86 Financial Risk Management United Kingdom 16, Funds of Hedge Funds 87 Cinven United Kingdom 16, Direct Private Equity Funds 88 Standard Life Investments United Kingdom 16, Direct Real Estate Funds 89 Capital Dynamics Switzerland 16, Private Equity FoF 90 Hines United States 16, Direct Real Estate Funds 91 Legal & General Investment Management United Kingdom 16, Direct Real Estate Funds 92 Viking Global Investors* United States 16, Direct Hedge Funds 93 Gresham Investment Management United States 15, Direct Commodities Funds 94 First Reserve United States 15, Direct Private Equity Funds 95 Global Infrastructure Partners United States 15, Direct Infrastructure Funds 96 Man United Kingdom 15, Direct Hedge Funds 97 SAC Capital Advisors* United States 15, Direct Hedge Funds 98 Leonard Green* United States 15, Direct Private Equity Funds 99 Goldman Sachs Asset Management United States 14, Direct Hedge Funds 100 Canyon Capital Advisors United States 14, Direct Hedge Funds 75

76 Alternative Asset Managers Alternative Asset Managers Ranking Total assets by asset class Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 101 BlackRock United Kingdom 14, Private Equity FoF 102 Appaloosa Management* United States 14, Direct Hedge Funds 103 York Capital Management Global Advisors United States 14, Direct Hedge Funds 104 Brookfield Asset Management Canada 14, Direct Infrastructure Funds 105 AHL United Kingdom 14, Direct Hedge Funds 106 Citadel United States 14, Direct Hedge Funds 107 Convexity Capital Management* United States 14, Direct Hedge Funds 108 Mesirow Advanced Strategies United States 13, Funds of Hedge Funds 109 Moore Capital Management* United States 13, Direct Hedge Funds 110 Neuberger Berman United States 13, Private Equity FoF 111 EnCap Investments* United States 13, Direct Private Equity Funds 112 Kayne Anderson Capital Advisors United States 12, Direct Infrastructure Funds 113 Industry Funds Management Australia 12, Direct Infrastructure Funds 114 Centerbridge Partners* United States 12, Direct Hedge Funds 115 Brigade Capital Management United States 12, Direct Hedge Funds 116 Lexington Partners United States 12, Private Equity FoF 117 Invesco United States 12, Direct Commodities Funds 118 SWIP United Kingdom 12, Direct Real Estate Funds 119 Bridgepoint United Kingdom 12, Direct Private Equity Funds 120 Avenue Capital Group United States 12, Direct Hedge Funds 121 Golden Gate Capital* United States 12, Direct Private Equity Funds 122 Schroders Investment Management United Kingdom 11, Direct Real Estate Funds 123 CQS United Kingdom 11, Direct Hedge Funds 124 Pershing Square Capital Management* United States 11, Direct Hedge Funds 125 EII Capital Management United States 11, Direct Real Estate Funds 76

77 Alternative Asset Managers Alternative Asset Managers Ranking Total assets by asset class Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 126 PIMCO United States 11, Direct Real Estate Funds 127 F&C REIT United Kingdom 11, Direct Real Estate Funds 128 Pathway Capital Management United States 11, Private Equity FoF 129 Tudor Investment* United States 11, Direct Hedge Funds 130 DTZ Investment Management United Kingdom 11, Direct Real Estate Funds 131 Wellington Hedge Management United States 11, Direct Hedge Funds 132 Lansdowne Partners United Kingdom 11, Direct Hedge Funds 133 Credit Suisse Asset Management United States 11, Direct Commodities Funds 134 Permira United Kingdom 11, Direct Private Equity Funds 135 Coller Capital United Kingdom 11, Private Equity FoF 136 Highfields Capital Management* United States 11, Direct Hedge Funds 137 Savills United Kingdom 10, Direct Real Estate Funds 138 Angelo, Gordon & Co. United States 10, Direct Hedge Funds 139 Third Point* United States 10, Direct Hedge Funds 140 Natural Gas Partners* United States 10, Direct Private Equity Funds 141 Clayton, Dubilier & Rice United States 10, Direct Private Equity Funds 142 Lyxor Asset Management France 10, Direct Hedge Funds 143 Goldman Sachs & Co. United States 10, Direct Infrastructure Funds 144 Eton Park Capital Management* United States 10, Direct Hedge Funds 145 Fortress Investment Group* United States 10, Direct Hedge Funds 146 Nordic Capital United Kingdom 10, Direct Private Equity Funds 147 Portfolio Advisors United States 10, Private Equity FoF 148 Lend Lease Group Australia 10, Direct Real Estate Funds 149 La Française REM France 10, Direct Real Estate Funds 150 Anchorage Capital Group United States 10, Direct Hedge Funds 77

78 Alternative Asset Managers Alternative Asset Managers Ranking Total assets by asset class Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 151 Charter Hall Group Australia 10, Direct Real Estate Funds 152 Grantham, Mayo, Van Otterloo* United States 10, Direct Hedge Funds 153 MSD Capital* United States 10, Direct Hedge Funds 154 Prologis United States 9, Direct Real Estate Funds 155 Aurora Investment Management United States 9, Funds of Hedge Funds 156 Morgan Stanley United States 9, Private Equity FoF 157 Morgan Stanley United States 9, Funds of Hedge Funds 158 QIC Australia 9, Direct Infrastructure Funds 159 Lyxor Asset Management France 9, Funds of Hedge Funds 160 ValueAct Capital Management* United States 9, Direct Hedge Funds 161 BlackRock United Kingdom 9, Direct Real Estate Funds 162 PIMCO United States 9, Direct Hedge Funds 163 Welsh, Carson, Anderson & Stowe United States 9, Direct Private Equity Funds 164 FIL Limited United Kingdom 9, Direct Real Estate Funds 165 J.P. Morgan Asset Management United States 9, Funds of Hedge Funds 166 GE Asset Management United States 9, Direct Private Equity Funds 167 Macquarie Group Australia 9, Direct Real Estate Funds 168 Schroders Investment Management United Kingdom 9, Direct Commodities Funds 169 Siguler Guff & Company United States 9, Private Equity FoF 170 Magnetar Capital United States 9, Direct Hedge Funds 171 PATRIZIA Immobilien Germany 9, Direct Real Estate Funds 172 Maverick Capital* United States 9, Direct Hedge Funds 173 Ares Management* United States 9, Direct Private Equity Funds 174 Discovery Capital Management* United States 8, Direct Hedge Funds 175 Bouwinvest Real Estate Investment Management The Netherlands 8, Direct Real Estate Funds 78

79 Alternative Asset Managers Alternative Asset Managers Ranking Total assets by asset class Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 176 BlueMountain Capital Management* United States 8, Direct Hedge Funds 177 Cerberus Capital Management* United States 8, Direct Hedge Funds 178 Fir Tree Partners United States 8, Direct Hedge Funds 179 Apollo Global Management United States 8, Direct Real Estate Funds 180 Greenlight Capital* United States 8, Direct Hedge Funds 181 K2 Advisors United States 8, Funds of Hedge Funds 182 Threadneedle Investments United Kingdom 8, Direct Real Estate Funds 183 Cevian United Kingdom 8, Direct Hedge Funds 184 Pacific Alternative Asset Management Company United States 8, Funds of Hedge Funds 185 Kohlberg Kravis Roberts United States 8, Funds of Hedge Funds 186 Pictet & Cie Switzerland 8, Funds of Hedge Funds 187 Transtrend The Netherlands 8, Direct Hedge Funds 188 Two Sigma Investments United States 8, Direct Hedge Funds 189 Hastings Funds Management Australia 8, Direct Infrastructure Funds 190 Marathon Asset Management United States 8, Direct Hedge Funds 191 Alinda Capital Partners United States 8, Direct Infrastructure Funds 192 Marshall Wace United Kingdom 8, Direct Hedge Funds 193 QIC Australia 8, Direct Real Estate Funds 194 SL Capital Partners United Kingdom 8, Private Equity FoF 195 AXA Private Equity France 8, Direct Private Equity Funds 196 Hermes Real Estate Investment Management United Kingdom 8, Direct Real Estate Funds 197 Angelo, Gordon & Co. United States 8, Direct Private Equity Funds 198 EnTrust Capital United States 8, Funds of Hedge Funds 199 Nephila Capital Bermuda 7, Direct Hedge Funds 200 Pine River Capital Management United States 7, Direct Hedge Funds 79

80 Alternative Asset Managers Alternative Asset Managers Ranking Total assets by asset class Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 201 Energy Capital Partners United States 7, Direct Private Equity Funds 202 Abbott Capital Management United States 7, Private Equity FoF 203 The Bank of New York Mellon Corporation United States 7, Direct Real Estate Funds 204 Highbridge Capital Management United States 7, Direct Hedge Funds 205 Deutsche Asset & Wealth Management Germany 7, Private Equity FoF 206 The Rock Creek Group United States 7, Funds of Hedge Funds 207 Silver Point Capital United States 7, Direct Hedge Funds 208 Diapason Commodities Management Switzerland 7, Direct Commodities Funds 209 SkyBridge Capital United States 7, Funds of Hedge Funds 210 Graham Capital Management United States 7, Direct Hedge Funds 211 Landmark Partners United States 7, Private Equity FoF 212 Perry Capital United States 7, Direct Hedge Funds 213 Taconic Capital Advisors United States 7, Direct Hedge Funds 214 WL Ross* United States 7, Direct Private Equity Funds 215 GTCR United States 6, Direct Private Equity Funds 216 UBS Global Asset Management United Kingdom 6, Private Equity FoF 217 HBK Capital Management United States 6, Direct Hedge Funds 218 AMP Capital Investors Australia 6, Direct Infrastructure Funds 219 Amundi Alternative Investments France 6, Funds of Hedge Funds 220 Hony Capital* China 6, Direct Private Equity Funds 221 MGPA Bermuda 6, Direct Real Estate Funds 222 Gottex Fund Management Switzerland 6, Funds of Hedge Funds 223 Aspect Capital United Kingdom 6, Direct Hedge Funds 224 AREA Property Partners United States 6, Direct Real Estate Funds 225 Wellington Management Company United States 6, Direct Commodities Funds 80

81 Alternative Asset Managers Alternative Asset Managers Ranking Total assets by asset class Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 226 Cheyne Capital United Kingdom 6, Direct Hedge Funds 227 Sterling Partners United States 6, Direct Private Equity Funds 228 Beach Point Capital Management United States 6, Direct Hedge Funds 229 Access Capital Partners France 6, Private Equity FoF 230 Kayne Anderson Capital Advisors United States 6, Direct Private Equity Funds 231 PineBridge Investments United States 6, Private Equity FoF 232 TIAA-CREF United States 6, Direct Private Equity Funds 233 LGT Capital Partners Switzerland 6, Funds of Hedge Funds 234 UBS Global Asset Management United Kingdom 5, Direct Hedge Funds 235 MKP Capital Management United States 5, Direct Hedge Funds 236 Hermes GPE LLP United Kingdom 5, Private Equity FoF 237 HgCapital United Kingdom 5, Direct Private Equity Funds 238 Silver Creek Capital Management United States 5, Funds of Hedge Funds 239 Credit Suisse Asset Management United States 5, Funds of Hedge Funds 240 Fauchier Partners United Kingdom 5, Funds of Hedge Funds 241 RARE Infrastructure Australia 5, Direct Infrastructure Funds 242 Lion Capital United Kingdom 5, Direct Private Equity Funds 243 CCMP Capital Advisors United States 5, Direct Private Equity Funds 244 Montagu Private Equity United Kingdom 5, Direct Private Equity Funds 245 The GPT Group Australia 5, Direct Real Estate Funds 246 Angelo, Gordon & Co. United States 5, Direct Real Estate Funds 247 Forum Partners Investment Management United States 5, Direct Real Estate Funds 248 PAI Partners France 5, Direct Private Equity Funds 249 Capital Fund Management France 5, Direct Hedge Funds 250 J.P. Morgan Asset Management United States 5, Direct Infrastructure Funds 81

82 Alternative Asset Managers Alternative Asset Managers Ranking Total assets by asset class Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 251 Henderson Global Investors United Kingdom 5, Direct Hedge Funds 252 Investec Asset Management United Kingdom 5, Direct Commodities Funds 253 Crestline Investors United States 5, Funds of Hedge Funds 254 Partners Group Switzerland 5, Direct Real Estate Funds 255 Lynx Asset Management Sweden 5, Direct Hedge Funds 256 Patron Capital United Kingdom 5, Direct Real Estate Funds 257 H.R.L. Morrison & Co New Zealand 5, Direct Infrastructure Funds 258 Trian Fund Management United States 5, Direct Hedge Funds 259 Orchard Street Investment Management United Kingdom 5, Direct Real Estate Funds 260 Onex* Canada 5, Direct Private Equity Funds 261 Colonial First State Global Asset Management Australia 4, Direct Infrastructure Funds 262 Renaissance Technologies United States 4, Direct Hedge Funds 263 Auda Private Equity United States 4, Private Equity FoF 264 Grove Street Advisors United States 4, Private Equity FoF 265 Goldman Sachs Asset Management United States 4, Direct Commodities Funds 266 CoreCommodity Management United States 4, Direct Commodities Funds 267 Actis United Kingdom 4, Direct Private Equity Funds 268 Cantab Capital Partners United Kingdom 4, Direct Hedge Funds 269 Indus Capital Partners United States 4, Direct Hedge Funds 270 IK Investment United Kingdom 4, Direct Private Equity Funds 271 EIM Switzerland 4, Funds of Hedge Funds 272 AXA Investment Managers GS United Kingdom 4, Funds of Hedge Funds 273 GMT Capital United States 4, Direct Hedge Funds 274 COMAC Capital United Kingdom 4, Direct Hedge Funds 275 Technology Crossover Ventures United States 4, Direct Private Equity Funds 82

83 Alternative Asset Managers Alternative Asset Managers Ranking Total assets by asset class Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 276 Evanston Capital Management United States 4, Funds of Hedge Funds 277 MatlinPatterson Global Opportunities Partners III United States 4, Direct Private Equity Funds 278 SteelRiver Infrastructure Partners United States 4, Direct Infrastructure Funds 279 Adveq Management Switzerland 4, Private Equity FoF 280 InfraRed Capital Partners United Kingdom 4, Direct Infrastructure Funds 281 QIC Australia 4, Private Equity FoF 282 PFM (Partner Fund Management) United States 4, Direct Hedge Funds 283 Equistone Partners Europe United Kingdom 4, Direct Private Equity Funds 284 EQT Infrastructure & EQT Infrastructure II United Kingdom 4, Direct Infrastructure Funds 285 Amundi Alternative Investments France 4, Direct Hedge Funds 286 Balyasny Asset Management United States 4, Direct Hedge Funds 287 Hermes GPE LLP United Kingdom 4, Direct Infrastructure Funds 288 CDH Investments* Hong Kong 4, Direct Private Equity Funds 289 Northleaf Capital Partners Canada 3, Private Equity FoF 290 Aquila Capital Germany 3, Direct Hedge Funds 291 Aberdeen Asset Management United Kingdom 3, Funds of Hedge Funds 292 Danske Private Equity Denmark 3, Private Equity FoF 293 GE Asset Management United States 3, Direct Real Estate Funds 294 SVG Advisers United Kingdom 3, Private Equity FoF 295 Morgan Stanley United States 3, Direct Private Equity Funds 296 UBS Global Asset Management United Kingdom 3, Direct Infrastructure Funds 297 AXA Private Equity France 3, Direct Infrastructure Funds 298 Abbey Capital Ireland 3, Funds of Hedge Funds 299 Chilton Investment Company United States 3, Direct Hedge Funds 300 The Archstone Partnerships United States 3, Funds of Hedge Funds 83

84 Alternative Asset Managers Alternative Asset Managers Ranking Total assets by asset class Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 301 Arrowgrass Capital Partners United Kingdom 3, Direct Hedge Funds 302 Oaktree Capital Management United States 3, Direct Real Estate Funds 303 Morgan Stanley United States 3, Direct Infrastructure Funds 304 ABS Investment Management United States 3, Funds of Hedge Funds 305 Grosvenor Fund Management United Kingdom 3, Direct Real Estate Funds 306 THEAM/BNP Paribas Investment Partners France 3, Direct Commodities Funds 307 Mid Europa Partners United Kingdom 3, Direct Private Equity Funds 308 Goldman Sachs Asset Management United States 3, Direct Real Estate Funds 309 GSO CAPITAL PARTNERS United States 3, Direct Hedge Funds 310 M3 Capital Partners United States 3, Direct Real Estate Funds 311 MLC Australia 3, Private Equity FoF 312 Black River Asset Management United States 3, Direct Hedge Funds 313 PineBridge Investments United States 3, Funds of Hedge Funds 314 Napier Park Global Capital United States 3, Direct Hedge Funds 315 Deutsche Asset & Wealth Management United States 3, Direct Commodities Funds 316 Harcourt Investment Counseling Switzerland 3, Funds of Hedge Funds 317 Brookfield Asset Management Canada 3, Direct Private Equity Funds 318 Camden Asset Management United States 3, Direct Hedge Funds 319 Pictet & Cie Switzerland 3, Private Equity FoF 320 Aviva Investors United Kingdom 3, Private Equity FoF 321 Mazi Visio Manco South Africa 3, Direct Hedge Funds 322 Corbin Capital Partners United States 3, Funds of Hedge Funds 323 UBS Global Asset Management United Kingdom 3, Direct Commodities Funds 324 BlueBay Asset Management United Kingdom 3, Direct Hedge Funds 325 One William Street Capital Management United States 3, Direct Hedge Funds 84

85 Alternative Asset Managers Alternative Asset Managers Ranking Total assets by asset class Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 326 Magnitude Capital United States 3, Funds of Hedge Funds 327 Lombard Odier Investment Managers Switzerland 3, Direct Hedge Funds 328 Ascend Capital United States 3, Direct Hedge Funds 329 Access Capital Advisers Australia 3, Direct Infrastructure Funds 330 Partners Group Switzerland 3, Direct Private Equity Funds 331 American Securities Capital Partners* United States 3, Direct Private Equity Funds 332 HitecVision* Norway 3, Direct Private Equity Funds 333 LBO France France 2, Direct Private Equity Funds 334 Mesirow Financial Private Equity Advisors United States 2, Private Equity FoF 335 Louis Dreyfus Investment Group The Netherlands 2, Direct Commodities Funds 336 Innisfree United Kingdom 2, Direct Infrastructure Funds 337 Kohlberg Kravis Roberts United States 2, Direct Infrastructure Funds 338 Odey Asset Management United Kingdom 2, Direct Hedge Funds 339 Investcorp United States 2, Funds of Hedge Funds 340 Optima Fund Management United States 2, Funds of Hedge Funds 341 Unigestion Switzerland 2, Funds of Hedge Funds 342 Private Advisors United States 2, Funds of Hedge Funds 343 Neuberger Berman United States 2, Funds of Hedge Funds 344 Kayne Anderson Capital Advisors United States 2, Direct Hedge Funds 345 HSBC Holdings United Kingdom 2, Funds of Hedge Funds 346 GE Asset Management United States 2, Direct Hedge Funds 347 Ramius United States 2, Funds of Hedge Funds 348 Europa Capital United Kingdom 2, Direct Real Estate Funds 349 Campbell & Company United States 2, Direct Hedge Funds 350 FX Concepts United States 2, Direct Hedge Funds 85

86 Alternative Asset Managers Alternative Asset Managers Ranking Total assets by asset class Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 351 GP Investments Bermuda 2, Direct Private Equity Funds 352 La Française des Placements France 2, Funds of Hedge Funds 353 Hermes BPK Partners United Kingdom 2, Funds of Hedge Funds 354 Macquarie Group Australia 2, Direct Hedge Funds 355 American Capital* United States 2, Direct Private Equity Funds 356 TowerBrook* United States 2, Direct Private Equity Funds 357 Prudential United Kingdom 2, Direct Infrastructure Funds 358 Partners Group Switzerland 2, Direct Infrastructure Funds 359 Galena Asset Management Switzerland 2, Direct Commodities Funds 360 Ortus Capital Management Hong Kong 2, Direct Hedge Funds 361 Unigestion Switzerland 2, Private Equity FoF 362 Industry Funds Management Australia 2, Private Equity FoF 363 KLS Diversified Asset Management United States 2, Direct Hedge Funds 364 Knighthead Capital Management United States 2, Direct Hedge Funds 365 Conatus Capital Management United States 2, Direct Hedge Funds 366 West Face Capital Canada 2, Direct Hedge Funds 367 Ramius United States 2, Direct Hedge Funds 368 Pinnacle Asset Management United States 2, Funds of Hedge Funds 369 Tyrus Capital Monaco 2, Direct Hedge Funds 370 Pictet Asset Management Switzerland 2, Direct Hedge Funds 371 III Associates/III Offshore Advisors United States 2, Direct Hedge Funds 372 Hermes Fund Managers United Kingdom 2, Direct Commodities Funds 373 Greenspring Associates United States 2, Private Equity FoF 374 Akina Switzerland 2, Private Equity FoF 375 Aviva Investors United Kingdom 2, Funds of Hedge Funds 86

87 Alternative Asset Managers Alternative Asset Managers Ranking Total assets by asset class Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 376 Credit Suisse Asset Management United States 2, Direct Infrastructure Funds 377 Edmond de Rothschild Group Curacao 2, Funds of Hedge Funds 378 Horizon Asset Limited United Kingdom 2, Direct Hedge Funds 379 International Asset Management United Kingdom 2, Funds of Hedge Funds 380 Magellan Asset Management Limited Australia 2, Direct Infrastructure Funds 381 Notz, Stucki Europe Luxembourg 2, Funds of Hedge Funds 382 Clessidra Capital Partners Italy 2, Direct Private Equity Funds 383 Robeco Institutional Asset Management The Netherlands 2, Private Equity FoF 384 P.Schoenfeld Asset Management United States 2, Direct Hedge Funds 385 Macquarie Group Australia 2, Direct Private Equity Funds 386 TT International United Kingdom 2, Direct Hedge Funds 387 Diversified Global Asset Management Corporation (DGAM) Canada 2, Funds of Hedge Funds 388 Invesco United States 2, Direct Infrastructure Funds 389 Liongate Capital Management United Kingdom 2, Funds of Hedge Funds 390 SSARIS Advisors United States 2, Funds of Hedge Funds 391 Top Tier Capital Partners United States 2, Private Equity FoF 392 Waterfall Asset Management United States 2, Direct Hedge Funds 393 Fore Research & Management United States 2, Direct Hedge Funds 394 Prologue Capital United States 2, Direct Hedge Funds 395 Highland Capital Management United States 2, Direct Hedge Funds 396 Schroders Investment Management United Kingdom 2, Funds of Hedge Funds 397 Ivory Investment Management United States 2, Direct Hedge Funds 398 InfraRed Capital Partners United Kingdom 2, Direct Real Estate Funds 399 Protégé Partners United States 2, Funds of Hedge Funds 400 Zweig-Dimenna Associates United States 2, Direct Hedge Funds 87

88 Alternative Asset Managers Alternative Asset Managers Ranking Total assets by asset class Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 401 Macquarie Group Australia 1, Private Equity FoF 402 SAIL Advisors Hong Kong 1, Funds of Hedge Funds 403 Amici Capital United States 1, Direct Hedge Funds 404 Bank Sarasin & Cie Switzerland 1, Direct Commodities Funds 405 GSA Capital United Kingdom 1, Direct Hedge Funds 406 Aurum Fund Management Bermuda 1, Funds of Hedge Funds 407 Investcorp United States 1, Direct Hedge Funds 408 Private Advisors United States 1, Private Equity FoF 409 Capstone Investment Advisors United States 1, Direct Hedge Funds 410 Strategic Value Partners United States 1, Direct Private Equity Funds 411 Gramercy United States 1, Direct Hedge Funds 412 VenCap International United Kingdom 1, Private Equity FoF 413 Highline Capital Management United States 1, Direct Hedge Funds 414 Schroders Investment Management United Kingdom 1, Direct Hedge Funds 415 Atlantic Investment Management United States 1, Direct Hedge Funds 416 Amber Infrastructure Group United Kingdom 1, Direct Infrastructure Funds 417 Millburn Ridgefield Corporation United States 1, Direct Hedge Funds 418 Aristeia Capital United States 1, Direct Hedge Funds 419 Neuberger Berman United States 1, Direct Private Equity Funds 420 Strategic Value Partners United States 1, Direct Hedge Funds 421 Lothbury Investment Management Ireland 1, Direct Real Estate Funds 422 Secured Capital Investment Management Japan 1, Direct Real Estate Funds 423 SWIP United Kingdom 1, Private Equity FoF 424 Tiberius Asset Management Switzerland 1, Direct Commodities Funds 425 Kempen Capital Management The Netherlands 1, Direct Real Estate Funds 88

89 Alternative Asset Managers Alternative Asset Managers Ranking Total assets by asset class Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 426 Arcus Infrastructure Partners United Kingdom 1, Direct Infrastructure Funds 427 LIM Advisors Hong Kong 1, Direct Hedge Funds 428 Darby Overseas Investments United States 1, Direct Private Equity Funds 429 Cushman & Wakefield Investors United Kingdom 1, Direct Real Estate Funds 430 TIAA-CREF United States 1, Direct Commodities Funds 431 Principal Global Investors United States 1, Direct Hedge Funds 432 Ramius United States 1, Direct Real Estate Funds 433 First Reserve United States 1, Direct Infrastructure Funds 434 PineBridge Investments United States 1, Direct Private Equity Funds 435 Boussard & Gavaudan United Kingdom 1, Direct Hedge Funds 436 Duet Private Equity United Kingdom 1, Direct Real Estate Funds 437 Ramius United States 1, Direct Private Equity Funds 438 Moon Capital Management United States 1, Direct Hedge Funds 439 Vantage Investment Management Limited Mauritius 1, Direct Hedge Funds 440 Antin Infrastructure Partners France 1, Direct Infrastructure Funds 441 Wellington Management Company United States 1, Direct Infrastructure Funds 442 Investa Commercial Property Fund Australia 1, Direct Real Estate Funds 443 Tremblant Capital Group United States 1, Direct Hedge Funds 444 Pictet Asset Management Switzerland 1, Direct Commodities Funds 445 IDFC India 1, Direct Private Equity Funds 446 Sloane Robinson United Kingdom 1, Direct Hedge Funds 447 M&G Investment Management United Kingdom 1, Direct Hedge Funds 448 Duet Asset Management United Kingdom 1, Direct Hedge Funds 449 Invesco United States 1, Private Equity FoF 450 Blue Harbour Group United States 1, Direct Hedge Funds 89

90 Alternative Asset Managers Alternative Asset Managers Ranking Total assets by asset class Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 451 Aviva Investors United Kingdom 1, Direct Infrastructure Funds 452 MLC Australia 1, Direct Real Estate Funds 453 TIAA-CREF United States 1, Direct Infrastructure Funds 454 Litespeed Management United States 1, Direct Hedge Funds 455 Larch Lane Advisors United States 1, Funds of Hedge Funds 456 Darby Overseas Investments United States 1, Direct Infrastructure Funds 457 SWIP United Kingdom 1, Direct Infrastructure Funds 458 icon Infrastructure United Kingdom 1, Direct Infrastructure Funds 459 Aberdeen Asset Management United Kingdom 1, Private Equity FoF 460 JHL Capital Group United States 1, Direct Hedge Funds 461 Siguler Guff & Company United States 1, Direct Private Equity Funds 462 Hatteras Funds United States 1, Funds of Hedge Funds 463 Actis United Kingdom 1, Direct Infrastructure Funds 464 Amplitude Capital Switzerland 1, Direct Hedge Funds 465 Bronson Point Mangement United States 1, Direct Hedge Funds 466 Lucidus Capital Partners United Kingdom 1, Direct Hedge Funds 467 Benchmark Plus Management United States 1, Funds of Hedge Funds 468 Neuberger Berman United States 1, Direct Hedge Funds 469 Palamon Capital Partners United Kingdom 1, Direct Private Equity Funds 470 Boronia Capital Australia 1, Direct Hedge Funds 471 First Quadrant United States Direct Hedge Funds 472 Threadneedle Investments United Kingdom Direct Commodities Funds 473 Optima Fund Management United States Direct Hedge Funds 474 HGGC United States Direct Private Equity Funds 475 Kaiser Trading Group Australia Direct Hedge Funds 90

91 Alternative Asset Managers Alternative Asset Managers Ranking Total assets by asset class Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 476 Aviva Investors United Kingdom Direct Hedge Funds 477 Stonepeak Infrastructure Partners United States Direct Infrastructure Funds 478 Mako Investment Managers United Kingdom Direct Hedge Funds 479 Garrison Investment Group United States Direct Real Estate Funds 480 Aquila Capital Germany Direct Infrastructure Funds 481 Global Capital Management Cayman Islands Direct Private Equity Funds 482 Pradera Group United Kingdom Direct Real Estate Funds 483 Equitix United Kingdom Direct Infrastructure Funds 484 Highbridge Capital Management United States Direct Commodities Funds 485 van Biema Value Partners United States Funds of Hedge Funds 486 IDFC India Direct Infrastructure Funds 487 Black River Asset Management United States Direct Private Equity Funds 488 Capital Dynamics Switzerland Direct Infrastructure Funds 489 SC Capital Partners Singapore Direct Real Estate Funds 490 Lombard Odier Investment Managers Switzerland Direct Commodities Funds 491 Quay Partners Australia Private Equity FoF 492 Harcourt Investment Counseling Switzerland Direct Commodities Funds 493 Meridian Capital Partners United States Funds of Hedge Funds 494 Elm Ridge Management United States Direct Hedge Funds 495 Weinberg Capital Partners France Direct Private Equity Funds 496 Lombard Odier Investment Managers Switzerland Direct Infrastructure Funds 497 Palisade Investment Australia Direct Infrastructure Funds 498 Fiera Axium Infrastructure Canada Direct Infrastructure Funds 499 Mesirow Financial Holdings United States Direct Commodities Funds 500 Kempen Capital Management The Netherlands Funds of Hedge Funds 91

92 Alternative Asset Managers Alternative Asset Managers Ranking Total assets by asset class Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 501 Colliers International United Kingdom Direct Real Estate Funds 502 Kayne Anderson Capital Advisors United States Direct Real Estate Funds 503 Fengate Capital Management Canada Direct Infrastructure Funds 504 ARCIS Group United Kingdom Private Equity FoF 505 MLC Australia Funds of Hedge Funds 506 Krom River Trading Switzerland Direct Commodities Funds 507 Fengate Capital Management Canada Direct Real Estate Funds 508 Greylock Capital Managemenet United States Direct Hedge Funds 509 Impax Asset Management United Kingdom Direct Infrastructure Funds 510 Aquila Capital Germany Direct Private Equity Funds 511 Equis Funds Group Singapore Direct Infrastructure Funds 512 RWC United Kingdom Direct Hedge Funds 513 GE Asset Management Incorporated United States Direct Commodities Funds 514 Eurizon Capital Italy Funds of Hedge Funds 515 Presima Canada Direct Real Estate Funds 516 LBO France France Direct Real Estate Funds 517 Lombard Odier Investment Managers Switzerland Funds of Hedge Funds 518 Lend Lease Group Australia Direct Infrastructure Funds 519 Senrigan Capital Group Hong Kong Direct Hedge Funds 520 Spur Capital Partners United States Private Equity FoF 521 QIC Australia Direct Hedge Funds 522 TA Associates* United States Direct Private Equity Funds 523 SSARIS Advisors United States Direct Hedge Funds 524 Dalmore Capital Limited United Kingdom Direct Infrastructure Funds 525 Northleaf Capital Partners Canada Direct Infrastructure Funds 92

93 Alternative Asset Managers Alternative Asset Managers Ranking Total assets by asset class Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 526 Napier Park Global Capital India Direct Infrastructure Funds 527 ZAIS Group United States Direct Hedge Funds 528 Coupland Cardiff Asset Management United Kingdom Direct Hedge Funds 529 Platina Energy Partners United Kingdom Direct Infrastructure Funds 530 Kohlberg Kravis Roberts United States Direct Hedge Funds 531 FIL Limited United Kingdom Direct Commodities Funds 532 Sothic Capital Management United Kingdom Direct Hedge Funds 533 KanAm Grund Spezialfondsgesellschaft Germany Direct Real Estate Funds 534 Mesirow Financial Real Estate Value Fund United States Direct Real Estate Funds 535 LFP Siparex France Direct Private Equity Funds 536 QIC Australia Direct Commodities Funds 537 H3 Global Advisors Australia Direct Hedge Funds 538 Invesco United States Direct Hedge Funds 539 AMP Capital Investors Australia Direct Private Equity Funds 540 Actis United Kingdom Direct Real Estate Funds 541 AMP Capital Investors Australia Private Equity FoF 542 Palmer Capital United Kingdom Direct Real Estate Funds 543 Highland Capital Management United States Direct Private Equity Funds 544 First Quadrant United States Direct Commodities Funds 545 Pictet Asset Management Switzerland Direct Real Estate Funds 546 Access Capital Advisers Australia Direct Real Estate Funds 547 Deutsche Asset & Wealth Management United States Direct Private Equity Funds 548 Cygnus Asset Management SGIIC Spain Direct Hedge Funds 549 CVC Capital Partners Luxembourg Direct Infrastructure Funds 550 Fulcrum Asset Management United Kingdom Direct Commodities Funds 93

94 Alternative Asset Managers Alternative Asset Managers Ranking Total assets by asset class Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 551 Robeco Institutional Asset Management The Netherlands Direct Infrastructure Funds 552 Fulcrum Asset Management United Kingdom Direct Hedge Funds 553 MatlinPatterson Credit Fund United States Direct Hedge Funds 554 Duet Alternative Investment United Kingdom Funds of Hedge Funds 555 Levin Capital Strategies United States Direct Hedge Funds 556 Henderson Global Investors United Kingdom Funds of Hedge Funds 557 MatlinPatterson Global Opportunities Partners IV United States Direct Hedge Funds 558 Napier Park Global Capital United States Direct Private Equity Funds 559 Macquarie Group Australia Funds of Hedge Funds 560 WHEB Infrastructure Partners United Kingdom Direct Infrastructure Funds 561 Robeco Institutional Asset Management The Netherlands Direct Commodities Funds 562 Henderson Global Investors United Kingdom Direct Private Equity Funds 563 Bank Sarasin & Cie Switzerland Direct Real Estate Funds 564 WHEB Partners United Kingdom Direct Private Equity Funds 565 MatlinPatterson Securitized Credit Fund United States Direct Hedge Funds 566 Commodity Strategies Switzerland Direct Commodities Funds 567 Weinberg Capital Partners France Direct Real Estate Funds 568 Access Capital Advisers Australia Direct Private Equity Funds 569 Duet Private Equity United Kingdom Direct Private Equity Funds 570 CFI Infrastructure Opportunities Fund Canada Direct Infrastructure Funds 571 Cohen & Steers Capital Management United States Private Equity FoF 572 Union Investment Germany Direct Infrastructure Funds 573 Lombard Odier Investment Managers Switzerland Private Equity FoF 574 Neuberger Berman United States Direct Commodities Funds 575 Aquila Capital Germany Funds of Hedge Funds 94

95 Alternative Asset Managers Alternative Asset Managers Ranking Total assets by asset class Position Name of parent organisation Main country of domicile Total AuM (USD million) Asset Class 576 Calamos Investments United States Direct Hedge Funds 577 Hatteras Funds United States Private Equity FoF 578 Lombard Odier Investment Managers Switzerland 5.45 Direct Real Estate Funds Total 5,119,

96 Survey statistics This year we added Funds of Funds, Wealth Managers and Banks to the investor type category. Some year on year comparisons have been affected by previous erroneous submissions by some asset managers whereby they submitted gross asset value instead of net asset value. Manager participation varies from year to year, and one data point from a large asset manager may significantly affect the survey results. There is potential overlap between Funds of Funds and Direct Funds for the Hedge Funds and Private Equity categories, which may affect AuM figures. 96

97 Contact Details and Limitation of reliance Limitations of reliance Towers Watson Fahad Raja Towers Watson Towers Watson has prepared this report for general information purposes only. In preparing this report we have relied upon data supplied or otherwise made available to us by third parties. While reasonable care has been taken to gauge the reliability of all data, this report carries no guarantee of accuracy or completeness. Towers Watson cannot be held accountable for any error or omission contained in the report, including where any such error or omission results from any misrepresentation or omission by any third party, pertaining to data supplied or otherwise made available by them. This report is based on information available to Towers Watson at the date of the report and takes no account of subsequent developments after that date. It may not be modified without Towers Watson s prior written permission. It may also not be disclosed to any other party without Towers Watson s prior written permission except as may be required by law. In the absence of our express written agreement to the contrary, Towers Watson accepts no responsibility for any consequences arising from any third party relying on this report or the opinions we have expressed. This report is not intended by Towers Watson to form a basis of any decision by a third party to do or omit to do anything. Please note that investment returns can fall as well as rise and that past performance is not a guide to future investment returns. Towers Watson is authorised and regulated by the Financial Services Authority. 97